Retail

Steinhoff Faces Shareholders As It Battles To Stay Afloat

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South African retailer Steinhoff remains in a "tough position" and is talking to creditors about restructuring debt, the company said at its first shareholder meeting since an accounting scandal was uncovered in December.

Steinhoff, which runs chains such as Britain's Poundland, Mattress Firm in the U.S. and Conforama in France, is fighting for its survival after discovering holes in its accounts. The company's shares have lost more than 90 percent of their stock market value and assets have had to be sold to raise cash.

'Window Of Stability'

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