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Problems at  retail group Steinhoff even bigger than expected.

Problems at retail group Steinhoff even bigger than expected.

Refinancing Steinhoff is the only way to save the company.

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The problems at retail group Steinhoff are even bigger than expected after new found evidence floats up in the accounting scandal. After new investigation of PwC Steinhoff hast to write off even more than 6 billion euro.

The investigation now also focuses on the former directors of the second largest retail store, after Ikea. Former CEO Markus Jooste will probably be investigated for letting this scandal happen.

The Steinhoff stock vaporized this december and plummeted 85% after they announced irregularities in their administration.

Investor association VEB Steinhoff is currently working on several claims against Steinhoff and associates

Steinhoff owns 6,500 outlets in 30 countries, including the UK's Poundland and furniture chains Bensons and Harveys.

steinhoff scandal

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