South Africa’s Steinhoff will sell off non-retail assets and cut jobs at its French retail chain Conforama as part of the scandal-hit company’s plan to slim down into an investment holding firm, management said on Tuesday.
Chief Executive Louis du Preez told investors the “only way to survive” is for the company to become a pure investment holding company mainly focused on retail, which is why most of its asset sales had been in property and shares rather than retail holdings.
Outgoing Chief Financial Officer Philip Dieperink said France would be a key focus area of the restructuring plan, confirming the possibility of closures and retrenchments at furniture dealer Conforama already disclosed by Steinhoff in April.
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