Steinhoff’s United States unit, Mattress Firm, has filed for voluntary Chapter 11 bankruptcy protection to strengthen its balance sheet and support its parent company’s debt restructuring, the South African company said on Friday.
South African investors including Allan Gray, Old Mutual and Investec’s asset management arm are backing litigation against crisis-hit Steinhoff in the Netherlands.
Former Steinhoff CEO Markus Jooste has denied any knowledge of accounting irregularities at the time he left the company late last year.
Former Steinhoff CEO Markus Jooste is in Parliament to face tough questions on Wednesday morning.
Former Steinhoff Chief Executive Markus Jooste will not appear before Parliament on Wednesday. According to terms of an agreement with Parliament, he will appear on September 5th.