Steinhoff, which has global retail operations and huge debt, briefed investors in Cape Town on Tuesday.
Its new CEO indicated that the company is looking to sell off more of its assets to focus its mind on more profitable business. It also needs to whittle down a mound of debt, some €9 billion of it. It has disgruntled shareholders circling, ready to pounce with class actions in a bid to get back some of the massive value lost as a result of the share price plunging over 90% following revelations of accounting irregularities.
To discuss some of the issues that came out of the briefing and what Steinhoff needs to do from here to turn its fortunes around, Nompu Siziba discusses the topic at hand with Hein Kruger of Kruger International.