Sleepy’s Owner Steinhoff: Accounting Issues Could Affect $7 Billion in Assets - News Summed Up

Sleepy’s Owner Steinhoff: Accounting Issues Could Affect $7 Billion in Assets


JOHANNESBURG—Shares of Steinhoff International Holdings NV continued to sink Thursday after the retail giant said that accounting irregularities it disclosed the day before, together with its chief executive’s resignation, could affect the valuation and “recoverability” of as much as €6 billion ($7.09 billion) worth of assets. The stock, which is listed in both Johannesburg and Frankfurt, has declined 78% over two days to 65 European cents. Steinhoff had a market capitalization earlier in the week of more than $14 billion,...


Source: Wall Street Journal December 07, 2017 14:34 UTC


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