×
60 712
Fashion Jobs
NEIMAN MARCUS
Loss Prevention Associate - Downtown Dallas
Permanent · Dallas
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Fayetteville
MICHAEL KORS RETAIL INC
Sales Supervisor, Michael Kors Men’s, Las Vegas Premium North, Las Vegas, nv
Permanent · Las Vegas
GAP
General Manager - Riverpark Square
Permanent · Spokane
GAP
Manager - Omni Merchandise Planning - Women’s Denim, Bottoms, Outerwear And Shorts - Outlet
Permanent · New York
GAP INC
sr. Marketing Manager - Loyalty & Payments
Permanent · San Francisco
GAP INC
Asset Protection Lead - Lakeshore aV-Oakland
Permanent · Oakland
GAP INC
Asset Protection Service Representative - Shops @ Bruckner Blvd
Permanent · New York
RALPH LAUREN
General Manager
Permanent · Los Angeles
CENTRIC BRANDS
Account Executive
Permanent · New York
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Irving
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Prosper
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Kenosha
ATHLETA
Assistant General Manager - Twelve Oaks
Permanent · Novi
BLOOMINGDALE'S
Outlet Keyholder Selling, Woodfield - Full Time
Permanent · Schaumburg
ADIDAS
Senior Manager, Partnership Marketing
Permanent · Portland
LEVI'S
sr. Director Human Resources Communications
Permanent · Remote
TAPESTRY
Stock Lead ii
Permanent · New York
BATH & BODY WORKS
Distribution Center Operations Manager - pm Shift - Reynoldsburg, oh
Permanent · Reynoldsburg
SHISEIDO
Planner, Demand Planning
Permanent · New York
MARSHALLS
Loss Prevention Detective
Permanent · Golden
TJ MAXX
lp Detective
Permanent · Pittsburgh
By
Reuters API
Published
Jun 4, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Steinhoff International's credit insurers withdraw cover

By
Reuters API
Published
Jun 4, 2018

Credit insurers have decided to withdraw insurance cover for South African retailer Steinhoff International's loans, Steinhoff's Austrian subsidiary Kika/Leiner said on Monday.


A Kika store in Ansfelden, Austria - Kika/Leiner


"The loss of the credit insurance is a result of the Steinhoff crisis," Kika/Leiner said in a statement.

Steinhoff, whose retail chains include Britain's Poundland, Mattress Firm in the U.S. and Conforama in France, has been fighting to recover from the fallout from accounting irregularities discovered in December.

Steinhoff's Austrian furniture retailer Kika/Leiner had faced one of the biggest problems within the group, but said in January it secured enough cash to see it through this year.

But international credit insurers decided on Friday to withdraw insurance cover for Steinhoff's loans against the risk of default from Monday onwards, according to several Austrian media outlets.

"Steinhoff International's global situation has still not improved," Kika/Leiner's Chief Executive Gunnar George told radio station ORF when asked about the reasons for the cancellation of the insurance.

"A large amount of debt still has to be rescheduled," George said. "This complex situation makes credit insurers very nervous."

George said the credit insurers' decision caught him by surprise and that major Kika/Leiner's suppliers have given him until the end of the week to find a solution.

About 90 percent of Kika/Leiner's loans had been covered by one insurer, he said, adding he was in negotiations with suppliers and has started talks to find new credit insurers.

This has prompted renewed speculation about a potential sale of Kika/Leiner.

"There is a future for Kika/Leiner in Austria, whether with Steinhoff or without," George told ORF.

He also said there were currently no negotiations on a sale because he did not have a mandate from Steinhoff's senior management to do this.

"As a 100 percent subsidiary you can hardly sell yourself," he said.

Steinhoff said on May 10 it hoped to have a restructuring plan in place soon to put to creditors that would include measures such as fixing the maturity for all loans at three years from the restructuring date.

© Thomson Reuters 2021 All rights reserved.