Steinhoff Finds $1.1 Billion Under the Mattress. Is It Enough?
Steinhoff International’s quest for cash has yielded about $1.1 billion from asset sales as the embattled retailer struggles to stay afloat. The question is whether the relatively small steps it’s taken can forestall more radical ones.
Since revelations last month of accounting irregularities, Steinhoff sold the company jet, shed stakeholdings and sought to refinance debt to free up funds. It even ended its sponsorship of the rugby team at Stellenbosch University, the alma mater of former Chief Executive Officer Markus Jooste.
“Scrambling around to find relatively small amounts of money points to the extent of the problems,” said Charles Allen, a London-based analyst at Bloomberg Intelligence.
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