Crisis-hit Steinhoff cuts stake in South Africa’s KAP to 26 percent
Steinhoff will sell part of its $700 million stake in KAP industrial, it said on Tuesday, part efforts by the scandal-hit South African retailer to plug a liquidity gap. Steinhoff, which has more than 40 retail brands that include Conforama, Poundland and Mattress Firm, is fighting for survival after admitting“accounting irregularities” in December, wiping about 85 percent off its market value and throwing it into a liquidity crisis. The company […]
