South African retailer Steinhoff , which has been embroiled in an accounting scandal, said its first-half retail revenues rose 1 percent but it still posted a net loss due among others to restructuring costs.
South Africa's retailer Steinhoff said on Thursday that an investigation by auditors PwC has found that the overstatement of its profits may result in additional material impairments, sending its shares plummeting.
Steinhoff remains in a “tough position” and is talking to creditors about restructuring debt, the company said on Friday at its first shareholder meeting since an accounting scandal was uncovered in December.
Fashion and footwear stores are closing at faster rates than ever in the UK and while stores are still opening, the pace is slowing. Greater London is seeing a larger number of closures due to increased costs.
PVH Corp's CEO and Chairman Emanuel Chirico announced he is leading the company to join the CEO Action for Diversity & Inclusion, a coalition of 350 CEOs committed to advancing inclusion and diversity in the workplace.