Steinhoff International-owned Greenlit Brands has sold its general merchandise division to Allegro Funds, as the South African retailer grapples with the fallout of an accounting scandal worth about $7 billion.
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.
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.
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 International said on Tuesday it had started legal proceedings against former CEO Markus Jooste and former CFO Ben La Grange to recover certain salary and bonus payments paid to them prior to 2017.
African retailer Steinhoff on Tuesday reported a 1.2 billion euro (£1.07 billion) loss for the 2018 fiscal year, in a much-delayed earnings report revealing the impact of an accounting fraud put at $7.27 billion.