Steinhoff has won more creditor support to give the South African retailer time to restructure debt totaling 9 billion euro ($11 billion) in a fight for survival.
South Africans are fond of debating whether public or private sector failings are the bigger problem. It does not take too long to realise that they are really talking about race.
The scandal-hit retail giant, Steinhoff, faces an uncertain future after its former chairman, Christo Wiese, announced he would sue the company for R59 billion.
Businessman Christo Wiese stunned crisis-hit Steinhoff with a $5 billion lawsuit on Thursday, sending shares of the South African multinational retailer fighting for survival after it uncovered accounting irregularities down 17 percent. The 59 billion rand ($5 billion) claim is the latest setback for the retailer in which Wiese was chairman and biggest shareholder until […]
South African retailer Steinhoff said on Thursday it agreed to sell a 50 percent stake in German furniture chain POCO to Andreas Seifert, settling a German lawsuit on the ownership of the business. Seifert claims half-ownership of POCO, while Steinhoff had said he had to be bought out due to unspecified actions by his company, […]