South African retailer Steinhoff International said on Monday it had proposed a settlement worth up to around $1 billion to settle a stream of legal claims against it following a massive accounting fraud.
Pepkor Holdings said on Wednesday it does not expect to declare a dividend for financial year 2020, as it looks to preserve cash to tide over the coronavirus crisis after reporting a 13.6% fall in first-half earnings.
South African retail group Steinhoff reported a 7% rise in sales in its financial first quarter, buoyed by a strong showing from Pepkor Africa and Pepco Group, owner of British discount retailer Poundland.
Pepkor Holdings on Wednesday said third-quarter revenue rose 12% thanks to Easter sales falling within the quarter this year, but warned the outlook was still volatile as consumer spending remained under pressure.
Debenhams is quietly withdrawing from physical retail in Australia with its only store in the country set to close early in 2020 as it also starts its UK closure programme. It will continue to sell online in Australia.