Steinhoff raises questions on future as legal claims mount | Fin24
, which Steinhoff bought in an all-stock deal in 2016, and GT Ferreira, co-founder of lender FirstRand.
Another uncertainty weighing on the company is an ongoing effort to reorganise debt, which Steinhoff said is critical to the group’s liquidity. If it succeeds, the retailer “should get to a level of debt that can be sustained by the remaining operations,” said Charles Allen, an analyst at Bloomberg Intelligence.
Further risks lie in the need to negotiate with various authorities about the tax implications of the accounting wrongdoing. Steinhoff is also the subject of regulatory probes in South Africa and Germany, where the retailer moved its primary stock-market listing in late 2015. Any resulting fines over the next 12 months will also threaten the viability of the group, according to the annual report.
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