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Markus Jooste dealt a blow in R740m court case

Markus Jooste dealt a blow in R740m court case

02/10/2019 - 10:27
Disgraced Steinhoff CEO Markus Jooste was dealt a blow in the high court in Cape Town on Monday – and now, for the first time, will have to put his case to the court. read more
Steinhoff changes Pepkor Europe's name

Steinhoff changes Pepkor Europe's name

01/10/2019 - 09:43
Steinhoff announced on Monday that Pepkor Europe has been renamed to Pepco Group. read more
Steinhoff seeks fresh start, nominates new auditor

Steinhoff seeks fresh start, nominates new auditor

02/09/2019 - 15:58
Steinhoff International Holdings NV nominated Mazars as its new auditor as the South African retailer looks for a fresh start after an accounting scandal almost destroyed the company. read more
Steinhoff revenue up 4% despite ongoing challenges

Steinhoff revenue up 4% despite ongoing challenges

30/08/2019 - 07:56
International retailer Steinhoff said on Thursday it had continued to grow overall revenue despite the ongoing challenges facing the group, with net sales from continuing operations in the nine-month period to June 30 increasing by four percent to €10.113 billion. read more
Steinhoff and Pepkor blocked from selling Tekkie Town shares

Steinhoff and Pepkor blocked from selling Tekkie Town shares

21/08/2019 - 08:44
The Western Cape High Court has prevented Steinhoff and its subsidiary, Pepkor Holdings, from selling or dealing in the shares of shoe retailer Tekkie Town, in a ruling handed down on Tuesday. read more
Steinhoff says restructuring exercise complete

Steinhoff says restructuring exercise complete

14/08/2019 - 12:15
International retailer Steinhoff said its subsidiaries Steinhoff Europe AG (SEAG) and Steinhoff Finance Holding GmbH (SFHG) had successfully completed the implementation of an exercise which restructured their financial indebtedness and changed the group's European corporate holding structure. read more
Steinhoff considers IPO of Pepkor Europe

Steinhoff considers IPO of Pepkor Europe

07/08/2019 - 08:23
Steinhoff International Holdings is considering an initial public offering of Pepkor Europe, its fastest-growing unit, as the scandal-hit retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said. read more
Steinhoff CFO to step down

Steinhoff CFO to step down

08/07/2019 - 09:29
Finance boss Philip Dieperink will be replaced by operations director Theodore de Klerk. read more
Parliament's new finance chair promises to wrap up Steinhoff, VBS probes

Parliament's new finance chair promises to wrap up Steinhoff, VBS probes

03/07/2019 - 08:51
Newly-elected chairperson of Parliament's standing committee on finance, Joe Maswanganyi, says the Steinhoff and VBS sagas will "reach a conclusion" under his watch as committee head. read more
Steinhoff announces a near 20bn loss for 2018

Steinhoff announces a near 20bn loss for 2018

19/06/2019 - 08:59
Steinhoff posted a loss of €1.19bn (R19.35bn at current exchange rates) for the year ended September 2018.  read more
Steinhoff, Tongaat woes raise auditor scrutiny

Steinhoff, Tongaat woes raise auditor scrutiny

10/06/2019 - 13:57
Steinhoff's [JSE:SNH] financial scandal and sugar maker Tongaat Hulett’s [JSE:TON] admission it may need to restate results is spurring South African auditors to weigh tougher measures for the profession. read more
Steinhoff delays release of audited results

Steinhoff delays release of audited results

05/04/2019 - 16:04
Steinhoff has further delayed the release of its audited 2017 and 2018 results, saying the findings of a PwC investigation into SA’s biggest corporate fraud have introduced a new layer of complexity to the process. read more
Steinhoff shares jump on PWC report

Steinhoff shares jump on PWC report

18/03/2019 - 10:48
Steinhoff International’s shares rose as much as 13.6% to R2.09 in early trade on Monday after the overview of PwC’s forensic investigation into the retailer’s past results was released. read more
Pepkor difficult to price in shadow of Steinhoff

Pepkor difficult to price in shadow of Steinhoff

29/01/2019 - 09:09
General goods retailer Pepkor, formerly known as Steinhoff Africa Retail, released solid numbers for the three months ended December despite challenging trading conditions.  read more
Pepkor takes action against Tekkie Town founders

Pepkor takes action against Tekkie Town founders

12/09/2018 - 11:16
Steinhoff's Africa retail business Pepkor has filed a court order against former executives at shoe retailer Tekkie Town to prevent them from setting up a rival operation, the latest development in a bitter dispute. read more
Tekkie Town founders to launch new chain store Mr. Tekkie

Tekkie Town founders to launch new chain store Mr. Tekkie

14/08/2018 - 10:11
The founders of shoe retailer Tekkie Town will be launching a new retail chain supplier of branded sports apparel and footwear. read more
Billionaire Christo Wiese cuts Shoprite stake to free up about R3.8bn

Billionaire Christo Wiese cuts Shoprite stake to free up about R3.8bn

27/06/2018 - 11:42
South African billionaire Christo Wiese will reduce his stake in Africa’s biggest supermarket chain by about R3.8bn as the businessman most stung by the near collapse of Steinhoff boosts his liquidity.  read more
Pepkor name is back as Star distances itself from Steinhoff

Pepkor name is back as Star distances itself from Steinhoff

30/05/2018 - 14:24
Steinhoff Africa Retail (Star) is planning to distance itself from its scandal-ridden parent by changing its name back to the original Pepkor. read more
Steinhoff may consider reducing its stake in Steinhoff Africa Retail

Steinhoff may consider reducing its stake in Steinhoff Africa Retail

26/03/2018 - 11:31
Steinhoff International is considering the sale of part of a R58bn stake in its separately listed African operations as the crisis-hit retailer looks to shore up liquidity, according to two people familiar with the matter. read more
Merger with Steinhoff not an option, says Shoprite CEO

Merger with Steinhoff not an option, says Shoprite CEO

01/03/2018 - 10:10
Shoprite CEO Pieter Engelbrecht says a merger would not make sense now. read more
Wiese sees ray of light after losing billions on Steinhoff

Wiese sees ray of light after losing billions on Steinhoff

28/02/2018 - 09:17
Christo Wiese lost more than $2 billion when Steinhoff International Holdings NV plunged following the discovery of accounting irregularities. Luckily for him, he’s still the biggest investor in Shoprite Holdings Ltd., an African supermarket giant whose shares are at a record high. read more
Wiese cuts stake in Steinhoff

Wiese cuts stake in Steinhoff

12/02/2018 - 11:07
Christo Wiese, the former chairman of Steinhoff International Holdings NV, has slashed his stake in the retailer to 6.2%, a move that may mean one of South Africa’s richest men is no longer the company’s biggest shareholder. read more
Steinhoff's Star share price falls 7% on lacklustre Christmas sales

Steinhoff's Star share price falls 7% on lacklustre Christmas sales

09/02/2018 - 13:34
The share price of Steinhoff Africa Retail (Star) fell 7% to R20.19 on Friday after it reported lacklustre Christmas sales. read more
Steinhoff director spills the beans about accounting irregularities and Jooste's disapearing act

Steinhoff director spills the beans about accounting irregularities and Jooste's disapearing act

02/02/2018 - 15:25
Director and chairman of Steinhoff’s audit committee, former ABSA CEO, Steve Booysen recounted in Parliament, the dramatic discovery on Monday, December 5 of the alleged accounting irregularities which have rocked the group and led to the resignation of former CEO Markus Jooste. read more
Poundland seeks management buyout after Steinhoff scandal

Poundland seeks management buyout after Steinhoff scandal

23/01/2018 - 13:53
Poundland, the UK discount store chain Steinhoff International acquired for £610m in July 2016, wants to divorce itself from its scandal-ridden parent via a management buyout, UK newspaper The Telegraph reported. read more
Steinhoff boosted by update

Steinhoff boosted by update

19/01/2018 - 10:40
The Steinhoff share price ticked up briefly on Thursday after the release of a "process and liquidity update" in which the group said it was seeking waivers from some European funders and that it expected to be able to pay cash interest on "all its existing financial indebtedness at the ordinary contractual rate over the near-term forecasted period". read more
Whitey stands by Christo Wiese

Whitey stands by Christo Wiese

17/01/2018 - 14:47
Former Shoprite Holdings CEO Whitey Basson says he vouches for the honesty of his friend and fellow Shoprite shareholder of many years, former Steinhoff chairman Christo Wiese, and will assist the collapsed furniture, apparel and home products retailer if he can. read more
Steinhoff races to avoid cash crunch at subsidiaries

Steinhoff races to avoid cash crunch at subsidiaries

10/01/2018 - 13:27
South African furniture retailer Steinhoff is racing to plug a €200m funding gap in the next few days to avoid a small unit such as Austrian Kika-Leiner pulling down the entire group, sources close to the negotiations said. read more
Steinhoff finance chief steps down to focus on improving liquidity

Steinhoff finance chief steps down to focus on improving liquidity

05/01/2018 - 09:17
Steinhoff said after the JSE’s close on Thursday that Ben la Grange had stepped down as finance chief to focus on shoring up liquidity within the beleaguered retailer, which said "significant near-term liquidity" was still needed. read more
Steinhoff’s UK retailer Poundland reports record Christmas trading

Steinhoff’s UK retailer Poundland reports record Christmas trading

04/01/2018 - 08:57
British retailer Poundland, which is owned by Steinhoff, said on Wednesday that it enjoyed a record Christmas, with sales up 5.6% in the 12 weeks to December 24. read more
Reshuffle of Steinhoff’s management board sees three new appointments

Reshuffle of Steinhoff’s management board sees three new appointments

20/12/2017 - 09:36
Steinhoff International promoted its chief operating officer, Danie van der Merwe, to acting CEO on Tuesday. read more
Christo Wiese steps down as Steinhoff chairman

Christo Wiese steps down as Steinhoff chairman

15/12/2017 - 11:46
Steinhoff International chairman and largest shareholder, billionaire Christo Wiese, is stepping down from the supervisory board following the accounting scandal that has engulfed the retail giant. read more
Steinhoff reveals accounting errors going back to 2016

Steinhoff reveals accounting errors going back to 2016

14/12/2017 - 16:45
Steinhoff International Holdings has revealed that its accounting errors stretch back into 2016, highlighting the extent of wrongdoing at the clothing and furniture retailer that’s led to an unprecedented stock slump over the last week. read more
More probes into embattled Steinhoff as shares continue partial recovery

More probes into embattled Steinhoff as shares continue partial recovery

13/12/2017 - 13:11
Steinhoff’s share price gained another 26% to close at R11.76 on Tuesday even as more investigations into alleged fraud at the embattled global retailer were launched. read more
Reputation and corporate bottom line: Steinhoff as a case study

Reputation and corporate bottom line: Steinhoff as a case study

12/12/2017 - 11:17
Even though Christo Wiese has taken the helm as the interim CEO and is trying to stabilise the ship through the storm, Steinhoff faces the threat of becoming the biggest bankruptcy in South African corporate history. (Business Times, 10 December 2017).  read more
Steinhoff pins hope on Moelis and AlixPartners

Steinhoff pins hope on Moelis and AlixPartners

11/12/2017 - 09:29
Steinhoff International attempted to staunch the bleeding by appointing US investment bank Moelis & Company and management consultants AlixPartners on Sunday. read more
Steinhoff shares plunge after CEO quits

Steinhoff shares plunge after CEO quits

06/12/2017 - 14:16
Steinhoff International plunged by a record 62% after CEO Markus Jooste quit in the wake of irregularities in the company’s accounts that require further investigation. read more
Markus Jooste quits as Steinhoff CEO

Markus Jooste quits as Steinhoff CEO

06/12/2017 - 10:19
Steinhoff International CEO Marcus Jooste resigned on Tuesday night, and the release of the company's full-year results - originally scheduled for Wednesday - has been delayed indefinitely. read more
Steinhoff exercises its call options for Shoprite

Steinhoff exercises its call options for Shoprite

04/12/2017 - 13:34
Africa's biggest food retailer, Shoprite, on Friday confirmed that Steinhoff Africa Retail (Star) had exercised the call options to acquire a 23.1percent economic stake in and a 50.6percent voting control of the company.  read more
Pep and Ackermans give Star a boost

Pep and Ackermans give Star a boost

04/12/2017 - 10:32
Star, the JSE-listed holding company of Pep, Ackerman and other retailers unbundled from Steinhoff on September 20, released its first financial results as a standalone group on Monday morning. read more
Steinhoff disputes disclosure claim

Steinhoff disputes disclosure claim

09/11/2017 - 10:11
Steinhoff International has been forced to defend itself against damaging European media reports for the third time in as many months. read more
Steinhoff Africa soars on JSE debut

Steinhoff Africa soars on JSE debut

21/09/2017 - 09:23
In Africa's biggest IPO this year, Star rockets on its first day of trading, as investors ignore allegations of accounting fraud at its European parent read more
Steinhoff raises R15.4bn for Star ahead of listing

Steinhoff raises R15.4bn for Star ahead of listing

15/09/2017 - 14:21
Steinhoff International said on Friday it had raised at least R15.4bn for its African retail assets, which it plans to list separately on the JSE on Wednesday. read more
Steinhoff offers chunk of Star

Steinhoff offers chunk of Star

06/09/2017 - 08:54
Retailer Steinhoff International was offering investors up to 23.2% of its African arm, Steinhoff Africa Retail (Star), which it aimed to list on the JSE on September 20, the company said on Monday. read more
Steinhoff shares surge after update

Steinhoff shares surge after update

01/09/2017 - 08:54
Retail group Steinhoff’s shares had one of its best days on Thursday since transferring its primary listing to Frankfurt in December 2016. read more
New venture may shake up shopping malls

New venture may shake up shopping malls

28/08/2017 - 11:13
Steinhoff Retail Africa, along with partner Shoprite, is set to disrupt the retail market, if they implement plans to own shopping centres. read more
 Steinhoff in renewed bid for R35.5bn stake in Shoprite

Steinhoff in renewed bid for R35.5bn stake in Shoprite

08/08/2017 - 08:34
Steinhoff’s merger plans with Shoprite may have fallen through, but the international retail holding company still plans to acquire a stake in the retailer through its African business unit.  read more
Steinhoff could get stake in Shoprite in new setup

Steinhoff could get stake in Shoprite in new setup

07/08/2017 - 09:44
Steinhoff's African assets will list separately on the JSE by the end of next month in a deal that may also result in Steinhoff acquiring a 22.7% stake in Shoprite. read more
Steinhoff raises R12bn in Europe

Steinhoff raises R12bn in Europe

19/07/2017 - 08:45
Consumer industry conglomerate Steinhoff International, which moved its primary listing from the JSE to the Frankfurt Stock Exchange in 2015, has taken advantage of low interest rates in Europe to raise R12bn in the eurobond market. read more
Africa makes winning case for Steinhoff

Africa makes winning case for Steinhoff

09/06/2017 - 12:06
Steinhoff’s African and East European assets outperformed the group’s operations elsewhere. The performance of the African assets, in particular, highlighted the case for a separate listing to unlock shareholder value. read more
Steinhoff reports increase in first-half operating profit

Steinhoff reports increase in first-half operating profit

07/06/2017 - 12:25
Global retailer Steinhoff reported on Wednesday that interim operating profit to end-March rose 13% to €903m. read more
Nod for Steinhoff Africa assets spin-off

Nod for Steinhoff Africa assets spin-off

19/05/2017 - 09:35
There is a chance to unlock value for shareholders ‘assuming new ListCo will be priced at valuations similar to Southern Africa peer group’ read more
Steinhoff calls off negotiations with Shoprite over merger

Steinhoff calls off negotiations with Shoprite over merger

21/02/2017 - 08:53
Shoprite’s share price jumped 7% and Steinhoff’s 6% after the retailers called off their proposed merger. read more
JSE cheers collapsed Shoprite, Steinhoff merger

JSE cheers collapsed Shoprite, Steinhoff merger

20/02/2017 - 14:55
Johannesburg - News that the proposed merger between Steinhoff and Shoprite has collapsed gave the JSE a massive boost on Monday. read more
Billionaire Wiese’s long walk to Shoprite/Steinhoff merger

Billionaire Wiese’s long walk to Shoprite/Steinhoff merger

13/02/2017 - 08:48
Johannesburg - Christo Wiese, South Africa’s fourth-richest person with a fortune of about R76.26bn, is at the centre of plans to create the continent’s largest retailer by combining the African operations of Shoprite and Steinhoff. read more
Shoprite and Steinhoff release full of hot air

Shoprite and Steinhoff release full of hot air

17/01/2017 - 08:22
Great excitement on the day before the day that marks the last working day of the year for many of us; on December 14, Shoprite and Steinhoff released a Sens statement entitled "joint detailed cautionary announcement relating to the establishment of an African retail champion". read more
Market sells on tie-up news as Shoprite takes bigger hit

Market sells on tie-up news as Shoprite takes bigger hit

12/01/2017 - 08:27
The deal is to be priced slightly in favour of Steinhoff, share prices suggest read more
Steinhoff’s African units to merge with Shoprite to become Retail Africa

Steinhoff’s African units to merge with Shoprite to become Retail Africa

14/12/2016 - 15:03
Shoprite and the African operations of Steinhoff are to be merged into a new group called Retail Africa, major shareholders of both retailers Christo Wiese and the Public Investment Corporation (PIC) announced on Wednesday. read more
Steinhoff adds R42bn in market value in two days

Steinhoff adds R42bn in market value in two days

12/12/2016 - 11:03
The rally was sparked by Steinhoff's report of 20.3% growth in its constant currency quarterly retail sales. read more
 Steinhoff buys Tekkie Town as profit jumps 20%

Steinhoff buys Tekkie Town as profit jumps 20%

07/09/2016 - 12:13
Johannesburg - Steinhoff International Holdings said it sees further opportunities for growth in its main markets as the acquisitive South African clothing and furniture retailer announced its latest purchase and reported a 20% rise in full-year profit.  read more
Retailer Steinhoff posts surge in revenue as market share increases

Retailer Steinhoff posts surge in revenue as market share increases

07/09/2016 - 10:28
FRANKFURT-and JSE-listed retailer Steinhoff has reported a 33% surge in revenue for the year to June, to €13.1bn, and a 32% increase in operating profit to €1.5bn. read more
KAP shares spike after agreeing to buy plastics manufacturer Safripol

KAP shares spike after agreeing to buy plastics manufacturer Safripol

11/08/2016 - 09:04
KAP Industrial Holdings, the South African company whose biggest investor is Steinhoff International Holdings, is on track to close at the highest level in seven months after agreeing to buy plastics manufacturer Safripol Holdings for R4.1bn. read more
 Steinhoff agrees to buy UK discount store Poundland for R11.4bn

Steinhoff agrees to buy UK discount store Poundland for R11.4bn

13/07/2016 - 11:41
Cape Town – Steinhoff has agreed to buy UK discount store Poundland for £597m (R11.4bn), the South African-bred business announced on Wednesday. read more
Did Steinhoff or Brait buy Poundland? - UK

Did Steinhoff or Brait buy Poundland? - UK

15/06/2016 - 11:17
London — Bid hopes sent UK retailer Poundland surging yesterday after a mystery buyer paid a big premium to become the discount retailer’s biggest shareholder. read more
Steinhoff’s expansion propels 67% gain in profit

Steinhoff’s expansion propels 67% gain in profit

01/03/2016 - 09:27
Johannesburg - Steinhoff International Holdings, the furniture chain that a week ago made a $2 billion (R32bn) counter bid for Britain’s Home Retail Group, said first-half profit rose 67 percent as it expanded in the European and African discount markets. read more
Thousands face axe as JD Group plans shop closures

Thousands face axe as JD Group plans shop closures

24/02/2016 - 11:27
Johannesburg - South African furniture retailer JD Group plans to close about 260 stores employing thousands of workers as it seeks to stabilise its finances. read more
Sainsbury given more time for Home Retail bid after Steinhoff offer - UK

Sainsbury given more time for Home Retail bid after Steinhoff offer - UK

24/02/2016 - 11:15
London — British supermarket operator Sainsbury has been given more time to make a firm bid for Argos-owner Home Retail, after a possible higher rival offer from SA’s Steinhoff International emerged on Friday (19 Feb). read more
Steinhoff in bid war for control of UK group

Steinhoff in bid war for control of UK group

22/02/2016 - 11:14
Johannesburg - Steinhoff International Holdings [JSE:SHF] made a £1.4bn counter bid for Britain’s Home Retail Group, taking on J. Sainsbury for control of the Argos stores owner. read more
South Africa’s 5 biggest retailers vs. the world

South Africa’s 5 biggest retailers vs. the world

28/01/2016 - 15:02
A new report from Deloitte ranks the world’s 250 biggest retail groups, with five South African retailers making the grade. read more
Steinhoff shows steady growth in a difficult European market

Steinhoff shows steady growth in a difficult European market

04/03/2015 - 10:24
Steinhoff International’s first-half profit rose 7 percent as market share increased, the furniture chain, which last year agreed to buy Pepkor for $5.3 billion (R62bn), said yesterday.  read more
Eating consumers push SA retailers to top spots

Eating consumers push SA retailers to top spots

30/01/2015 - 10:16
Johannesburg - South African retailers are increasingly adopting global trends and this creates many potential opportunities for more agile operators that apply the industry’s global lessons to their local operations, according to Rob Latham, Deloitte consumer business digital leader.  read more
Steinhoff has green light for Pepkor deal

Steinhoff has green light for Pepkor deal

28/01/2015 - 09:50
Cape Town - Integrated retailer Steinhoff International announced on Monday that its shareholders have approved the company's acquisition of 92.34% of Pepkor. read more
Wiese, others bought shares before R68bn deal

Wiese, others bought shares before R68bn deal

01/12/2014 - 10:19
Johannesburg - Directors in Steinhoff International [JSE:SHF] bought shares in the company shortly before its R68.2bn ($5.7bn) purchase of clothing retailer Pepkor, regulatory filings show. read more
Consumer debt shakes furniture dealers

Consumer debt shakes furniture dealers

08/09/2014 - 10:49
Durban - African Bank Investment Limited (Abil) was not the only casualty when it came to consumers not being able to pay their debts, including their furniture instalments, analysts said on Friday.  read more
JD Group soars on finance unit sale news

JD Group soars on finance unit sale news

02/09/2014 - 12:56
Johannesburg - Shares of JD Group [JSE:JDG] jumped more than 5% in early trade on Tuesday after the struggling furniture retailer said it would sell its financing arm, after getting hit by exposure to the troubled consumer debt market. read more
Foreign institutions buy into Steinhoff

Foreign institutions buy into Steinhoff

07/07/2014 - 14:47
Steinhoff’s foreign shareholding rose to about 55% on Thursday, ahead of its planned listing in Frankfurt, from about a third, thanks to placing shares with international investors. read more
No discount on JD Group's R2.48bn rights issue

No discount on JD Group's R2.48bn rights issue

14/04/2014 - 07:29
Johannesburg - Furniture retailer JD Group priced its R2.48bn ($240m) rights offer at its current share price on Friday, to shore up its balance sheet after a spike in bad debts. read more
Steinhoff International: Steinhoff to buy Austria’s Kika-Leiner

Steinhoff International: Steinhoff to buy Austria’s Kika-Leiner

27/06/2013 - 11:16
South African furniture retailer Steinhoff International would acquire Austria’s Kika-Leiner Group as part of its strategy to bulk up its presence across Europe, the company said yesterday.  read more
Steinhoff to take over JD Group

Steinhoff to take over JD Group

27/01/2012 - 07:57
Johannesburg - Steinhoff International Holdings [JSE:SHF], Africa’s biggest furniture maker, aims to increase its stake in JD Group [JSE:JDG] through a share swap deal to gain control of the South African retailer.  read more