Steinhoff paints gloomy outlook as 2017 losses shrink asset pool | Fin24
] expects more doom and gloom to follow the release of its long-awaited 2017 earnings in which the retailer saw the value of its assets shrink amid massive losses and restatements in the wake of an accounting scandal.
Auditors at PwC then started a 15-month forensic probe, which found a small group of ex-executives - with the help of outsiders - allegedly structured deals that inflated profits and asset values. Operating expenses will be"substantially" higher and financing costs will increase, the firm said, adding that it's working on lowering administrative costs, while spending less to bolster cash flows.Those seeking compensation may now have a better picture of the embattled global retailer's assets as they prepare legal claims. Steinhoff last month called for potential claimants to come forward, seemingly opening the door for negotiated settlements with those who lost money.
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