Steinhoff African unit to repay Sh123 billion loan to troubled parent

Steinhoff’s African business members photo:Courtesy

Steinhoff’s African business is preparing to repay $1.2 billion (Sh123b) it owes to its parent, it said on Friday, a move that would go a long way to plugging a liquidity hole in the group fighting for survival in the wake of an accounting scandal.

Steinhoff, the owner of more than 40 retail brands including Conforama, Mattress Firm and Poundland, is seeking to raise $2.4 billion to shore up its finances.