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Steinhoff Appoints Ex-KPMG Partner As Chief Restructuring Officer

Published on Feb 16 2018 1:30 PM in Retail tagged: Trending Posts / Steinhoff / Accounting Scandal / Restructuring

Steinhoff Appoints Ex-KPMG Partner As Chief Restructuring Officer

Embattled retail group Steinhoff has announced the appointment of Richard Heis as its new chief restructuring officer, as part of plans to return the business to stability.

Heis was previously global head of restructuring at KPMG, based in London, and has around 25 years experience in restructuring international companies.

Steinhoff has been making headlines since December, when the group revealed accounting irregularities that could stretch back a number of years, which led to the resignation of CEO Markus Jooste and sent shares plummeting.

'Critical Time'

The South African group, which operates Poundland, Dealz and Conforama, has been trying to sell assets and secure short-term funds in order to help maintain liquidity at its European businesses.

Last month, Steinhoff said that it had secured enough money to keep its businesses running in the immediate term, and can now start talks with a broader group of creditors.

“We are delighted that Richard has agreed to join the group at this critical time," said Heather Sonn, acting chairperson of the company.

"We are sure that his expertise and experience will bring significant benefit to the group as Steinhoff develops a plan to address the group’s financial indebtedness.”

The company plans to hold its annual shareholders' meeting on 20 April, which will include proposals for the appointment of acting management board members.

However, financial statements will not be released at the meeting, as the investigation by PwC into the group's accounting issues is still ongoing.

© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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