South African retailer Steinhoff , which has been embroiled in an accounting scandal, said its first-half retail revenues rose 1 percent but it still posted a net loss due among others to restructuring costs.
South Africa's retailer Steinhoff said on Thursday that an investigation by auditors PwC has found that the overstatement of its profits may result in additional material impairments, sending its shares plummeting.
South African businessman Christo Wiese has launched a $5 billion lawsuit against crisis-hit Steinhoff , a retail company in which he was a board member and biggest shareholder until earlier this year.
Steinhoff remains in a “tough position” and is talking to creditors about restructuring debt, the company said on Friday at its first shareholder meeting since an accounting scandal was uncovered in December.
Auditors PricewaterhouseCoopers (PwC) said they would like to finalise a complex forensic investigation into the affairs of Steinhoff International by year-end, a senior investigator said on Wednesday.
Crisis-hit South African retailer Steinhoff said on Tuesday it is considering "all of its options" in order to support its liquidity after a report on Monday that the retailer could sell a stake in its African unit.