South African retail company Steinhoff plans to shed assets to reduce its debt , which is over $ 10bn . The ##hoff company intends to sell off non - retail facets of its business and cut jobs at French furniture chain Conforma to sustain the company . The decision follows the announcement that a Pricewaterhouse Coopers investigation in March revealed Steinhoff had overstated profits from 2009 - 2017 , recording false transactions totalling $ 7.4bn . The accountancy scandal was trailed by a € 356 million ( $ 398 m ) loss in H1 2019 , a YoY increase from € 392 million in march 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.