Markets

Poundland owner Steinhoff sees its shares crash by 60%

Poundland owner Steinhoff sees its shares crash by 60%

Its European operation expanded past year to include United Kingdom discount retailer Poundland.

The Wednesday plunge of shares in the firm, which owns Conforama in France, Poundland in Britain, Poco in Germany and Pep in southern Africa, followed news that chief executive Markus Jooste had resigned.

Steinhoff has delayed the publication of its 2017 financial results indefinitely as it investigates what it terms "accounting irregularities".

After initially falling 60 per cent to a seven year low, the shares in Steinhoff, which owns 40 local brands in more than 30 countries, later recovered but were still down 52%.

The company said it will be determining whether any of the prior years' financial statements need to be restated.

Illegal immigrant indicted on federal charges after San Francisco murder acquittal
Garcia Zarate's defense attorneys say they will appeal that conviction which carries a maximum penalty of three years in prison. Jurors could also have convicted Garcia Zarate of second-degree murder or involuntary manslaughter but chose not to.

As well as furniture and homeware, it also sells products including clothing, footwear and consumer goods.

Steinhoff International's Supervisory Board has appointed chairman Christo Wiese as executive chairman on a temporary basis, while Pieter Erasmus, the former CEO of Pepkor Group, has joined Wiese in an executive advisory capacity "to assist with managing the group's various retail interests around the world", the company noted. Steinhoff derives about 60% of its earnings in Europe and 34% in Africa.

Martin Jooste announced his resignation with immediate effect last night after the company announced that "new information has come to light" relating to "accounting irregularities requiring further investigation".

Steinhoff's holding company is based in Amsterdam for tax reasons and has its primary listing on the Frankfurt stock exchange.

It is not clear if these are the accounting irregularities the company was referring to in its statement.


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