Steinhoff appoints ex-KPMG exec as CRO

SteinhoffSteinhoff International has appointed ex-KPMG executive Richard Heis as its chief restructuring officer, as the investigation into South African-based, Frankfurt-listed retailer’s “accounting irregularities” continues.

Heiss was previously global head of restructuring at KPMG and has 25 years’ experience in restructuring complex and international groups, according to Steinhoff.

“We are delighted that Richard has agreed to join the Group at this critical time and we are sure that his expertise and experience will bring significant benefit to the Group as Steinhoff develops a plan to address
the Group’s financial indebtedness,” said Heather Sonn, acting chairperson of the company.

Steinhoff’s local arm owns Fantastic Furniture, Freedom Furniture, Snooze, Harris Scarfe and Best & Less and has a license agreement to open Debenhams stores in Australia.

Last month, Steinhoff said it has “largely addressed” its short-term liquidity requirements, after securing funding from subsidiary companies while its Asia Pacific businesses are continuing “discussions with their banks to secure additional funding by mid February”.

Steinhoff’s local arm owns Fantastic Furniture, Freedom Furniture, Snooze, Harris Scarfe and Best & Less and has a license agreement to open Debenhams stores in Australia.

The retailer also announced it will hold its annual general meeting on April 20.

“Given the ongoing investigation by PwC into certain accounting irregularities, matters relating to the company’s consolidated financial statements for the year ended 30 September 2017…will not be put to shareholders at the AGM,” the company said in a statement.

Steinhoff has previously warned that its accounting irregularities stretch back further than first thought, with the conglomerate forced to restate its accounts for 2015 and potentially prior years.

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