×
36 793
Fashion Jobs
L’ORÉAL GROUP
Manager/sr Manager, Campus Recruiting
Permanent · New York
L’ORÉAL GROUP
Senior Manager / Manager of Brand Marketing
Permanent · Jersey City
KOHLS
Product Manager - Payment System
Permanent · Menomonee Falls
KOHLS
Full-Time Loss Prevention Officer
Permanent · Framingham
KOHLS
Full-Time Loss Prevention Officer
Permanent · Massapequa
L.L.BEAN INC.
rd Shift Bike Boat And Ski Sales Representative
Permanent · Freeport
L.L.BEAN INC.
Sales Representative
Permanent · King of Prussia
L.L.BEAN INC.
Hunting And Fishing Sales Representative
Permanent · Freeport
L.L.BEAN INC.
Sales Representative
Permanent · Hadley
L.L.BEAN INC.
Sales Representative
Permanent · Fayetteville
ALICE AND OLIVIA
Sales Supervisor - Austin
Permanent · Austin
ALICE AND OLIVIA
E-Commerce Customer Service Manager
Permanent · New York
JCPENNEY
Business Support Specialist - Communications
Permanent · Plano
JCPENNEY
Buyer - Home (Entertaining & Tabletop)
Permanent · Plano
JCPENNEY
Multi District Human Resources Business Partner
Permanent · Jefferson City
JCPENNEY
Product Manager - Customer Account & Loyalty
Permanent · Plano
TIFFANY & CO
Inventory Control Analyst
Permanent · Parsippany-Troy Hills
ULTA BEAUTY
Salon Manager-Hickory Point Mall
Permanent · Forsyth
ULTA BEAUTY
Salon Manager-White Marlin Mall
Permanent · Ocean City
ULTA BEAUTY
Prestige Sales Manager-Friendly Hills Marketplace
Permanent · Whittier
ULTA BEAUTY
Salon Manager-Pelican Plaza
Permanent · Sarasota
ULTA BEAUTY
Store Operations Program Manager - Strategic Initiatives
Permanent · Bolingbrook

Crisis-hit Steinhoff repays $2.3 billion African debt

By
Reuters API
Published
today May 24, 2018
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Scandal-hit South African retailer Steinhoff has repaid about 2 billion euros ($2.34 billion) of its debt in Africa after its local unit used the proceeds of a fundraising to pay back 16 billion rand ($1.26 billion) in shareholder loans.


Reuters

The retailer has been fighting for survival after it discovered accounting irregularities in December which sparked a sell-off in its shares that wiped more than $10 billion off its stock market value and led to multiple investigations globally.

Accordingly, the group has repaid approximately 2 billion euros of African debt since January 2018, it said in a statement.

“Save for working capital facilities of the automotive business and the African properties division, the group has no remaining African debt,” it added.

Steinhoff Africa Retail (STAR) raised the 16 billion rand from South African financial institutions to repay the loan which was provided by Steinhoff as part of STAR’s listing in September 2017.

STAR raised an additional 2 billion rand which it said on Wednesday will be used for its operations.

Steinhoff, which runs chains such as Britain’s Poundland, Mattress Firm in the United States and Conforama in France, said on May 10 it hoped to have a restructuring plan in place shortly to put to creditors that would include measures such as fixing the maturity for all loans at three years from the restructuring date.

Steinhoff still has about 8.7 billion euros of debt attributable to Europe and 25 million euros to the U.S. operations.

© Thomson Reuters 2019 All rights reserved.