×
4 005
Fashion Jobs
L'OREAL GROUP
l'Oreal Luxe Multibrand Retail Account Manager
Permanent · London
COTY
National Account Manager
Permanent · London
TK MAXX
Loss Prevention Officer-tk Maxx High Street Kensington-Full Time
Permanent · London
HARRODS
Uniformed Security Officer - Thatcham Distribution Centre
Permanent · THATCHAM
HARRODS
Senior CRM Retention Executive
Permanent · LONDON
JOHN LEWIS
Section Manager Stock And Inventory – Nights
Permanent · BLETCHLEY
SELFRIDGES
HR Administrator (Part-Time)
Permanent · ENDERBY
SELFRIDGES
Digital Personal Shopping Content Manager
Permanent · LONDON
EVERLAST GYMS
General Assistant - Everlast Fitness
Permanent · POOLE
EVERLAST GYMS
General Assistant - Everlast Gyms
Permanent ·
ZARA
Zara High Wycombe - General Manager
Permanent · HIGH WYCOMBE
NEXT
Operations Manager - Liverpool Aintree Retail Park
Permanent · LIVERPOOL
HEAD OFFICE
Senior Finance Analyst, Commercial Finance
Permanent · BRACKNELL
JOHN LEWIS
Section Manager Stock And Inventory – Nights
Permanent · BLETCHLEY
HOUSE OF FRASER
Loss Prevention Supervisor - House of Fraser
Permanent · READING
EVERLAST GYMS
General Assistant - Everlast Fitness
Permanent · CAMBRIDGE
BERSHKA
New Position - Bershka Operations Manager - Stratford
Permanent · LONDON
AVON
Internal Audit Manager Natura &CO
Permanent · LONDON
COTY
Trade Marketing Manager
Permanent · London
JOHN LEWIS
Section Manager Customer Delivery Hub
Permanent · LONDON
FLANNELS
Beauty Brand Manager – Pat Mcgrath Labs
Permanent · ROTHERHAM
CLAUDIE PIERLOT UK
Stock Contoller - Permanent - Selfirdges London
Permanent · LONDON
By
Reuters API
Published
May 24, 2018
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Crisis-hit Steinhoff repays $2.3 billion African debt

By
Reuters API
Published
May 24, 2018

Scandal-hit South African retailer Steinhoff has repaid about 2 billion euros ($2.34 billion) of its debt in Africa after its local unit used the proceeds of a fundraising to pay back 16 billion rand ($1.26 billion) in shareholder loans.


Reuters

The retailer has been fighting for survival after it discovered accounting irregularities in December which sparked a sell-off in its shares that wiped more than $10 billion off its stock market value and led to multiple investigations globally.

Accordingly, the group has repaid approximately 2 billion euros of African debt since January 2018, it said in a statement.

“Save for working capital facilities of the automotive business and the African properties division, the group has no remaining African debt,” it added.

Steinhoff Africa Retail (STAR) raised the 16 billion rand from South African financial institutions to repay the loan which was provided by Steinhoff as part of STAR’s listing in September 2017.

STAR raised an additional 2 billion rand which it said on Wednesday will be used for its operations.

Steinhoff, which runs chains such as Britain’s Poundland, Mattress Firm in the United States and Conforama in France, said on May 10 it hoped to have a restructuring plan in place shortly to put to creditors that would include measures such as fixing the maturity for all loans at three years from the restructuring date.

Steinhoff still has about 8.7 billion euros of debt attributable to Europe and 25 million euros to the U.S. operations.

© Thomson Reuters 2023 All rights reserved.