South African retailer Steinhoff said on Tuesday its only hope for survival is to sell off assets to become a retail-focused investment holding firm, as it fights to contain the fallout of a $7 billion accounting fraud.
Steinhoff said on Wednesday it had refinanced some 9 billion euros of debt in its overseas operations which include Poundland in Britain and France's Conforama, after pushing the deadline date back repeatedly.
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.
Steinhoff will face a class action before a German regional court, dragging shares in the South African furniture retailer down by as much as 10 percent on Thursday, as the fallout from its accounting scandal continues.
South African retailer Steinhoff said an independent report had found it had overstated profits over several years in a $7.4 billion accounting fraud involving a small group of top executives and outsiders.