International retail company Steinhoff, which has been caught up in an accounting irregularities scandal, on Monday said it has appointed Moelis & Company and AlixPartners as an independent financial advisor and operational advisor respectively.
The beleaguered company also announced that it was rescheduling its regular annual lender meeting in London on 19 December, a week later than initially planned.
Reeling from accounting irregularities which were uncovered at the company leading to its CEO resigning last week, Steinhoff said it was focused on safeguarding operational liquidity to continue funding existing operations throughout its subsidiaries.
“The group is asking for and requires continued support in relation to existing facilities from all its lenders to achieve an immediate stabilisation of the group’s financing,” it said, reiterating its warning that shareholders and other investors should be cautious in trading its securities.
Steinhoff, which has its origins in Germany, but is based in South Africa, is a furniture and household goods retailer with more than 40 brands in over 30 countries.
It employs 130,000 people in its underlying operations comprising approximately 12 000 retail outlets.
– African News Agency (ANA)
