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. In a statement on Monday, Steinhoff's chief executive, Markus Dohle, said that it would "focus our efforts in key areas such as retail, hospitality and real estate, while maintaining strong operational performance across all 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.
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.