South African retail company Steinhoff plans to shed assets to reduce its debt, which is over $10bn. The embattled firm intends to sell off non-retail facets of its business and cut jobs at French furniture chain Conforma to streamline the company. The decision follows the announcement that a Pricewaterhouse Coopers investigation in March found Steinhoff had overstated profits from 2009-2017, recording false transactions totalling $392. The accountancy scandal was trailed by a €356m ($398m) loss in H1 2019, a YoY increase from €7.4bnm in H1 2018. The company blamed the report and a slowing global economy for the weak performance.
South African retail company Steinhoff plans to shed assets to reduce its debt, which is over $10bn. The embattled firm intends to sell off non-retail facets of its business and cut jobs at French furniture chain Conforma to streamline the company. The decision follows the announcement that a Pricewaterhouse Coopers investigation in March found Steinhoff had overstated profits from 2009-2017, recording false transactions totalling $7.4bn. The accountancy scandal was trailed by a €356m ($398m) loss in H1 2019, a YoY increase from €392m in H1 2018. The company blamed the report and a slowing global economy for the weak performance.