South Africa's Steinhoff sells 6 percent of African unit

South Africa's Steinhoff sells 6 percent of African unit
FILE PHOTO: Two Mattress Firm stores lie on either side of the street in Encinitas, California,
JOHANNESBURG (Reuters) - Troubled South African retailer Steinhoff plans to sell 6 percent of its domestic Steinhoff Africa Retail operation to reduce debt, it said on Wednesday.

Steinhoff, which owns 77 percent of Steinhoff Africa Retail, is fighting for survival after discovering a accounting irregularities in December, knocking its share price by about 90 percent and leading to the departure of its chief executive and chairman.

(Reporting by Tiisetso Motsoeneng; Editing by David Goodman)

2018-04-11 18:32:16

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