Mark Vandevelde
Steinhoff International, the South African retailer, has warned that accounting irregularities began at least a year earlier than previously acknowledged. The company may be forced to restate its results for years before 2015.
The global retail group, which owns Britain’s Poundland, America’s Mattress Firm and Australia’s Freedom and Snooze furniture chains, has been battling for survival since auditors Deloitte refused to sign off its accounts in December, prompting lenders and credit insurers to pull facilities even as Steinhoff scrambled to raise cash.
The Frankfurt-listed group has hired PwC to investigate “certain accounting irregularities resulting from the concerns ra…
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