Poundland has received a big boost from its major move into the clothing sector and despite the problems at its South African parent company, its fourth quarter (the period to September 30) and full-year were strong.
Steinhoff said on Thursday that the High Court of Justice in England and Wales had granted permission to its subsidiary, Stripes U.S. to convene a meeting with creditors about a proposed restructuring.
Steinhoff's former CEO, Markus Jooste, told a parliamentary inquiry investigating an accounting scandal at the retailer that he was not aware of any accounting irregularities when he left the firm in December.
Steinhoff reported a slight increase in nine-month sales on Friday as its managers remained pre-occupied with cleaning up after an accounting fraud that nearly tipped the South African retailer into bankruptcy.
Steinhoff’s board will meet over the next two days to discuss asset sales to boost cash flow and pay down debt, its chairwoman said on Wednesday, months after creditors of the South African retailer threw it a lifeline.
Steinhoff said on Thursday that around 90% of creditors for several subsidiaries supported an agreement to hold off debt claims for three years, an important step in restructuring the scandal-hit South African retailer.