Andrea Felsted, Columnist

Retailers Can Forget About Being Bought by Steinhoff Now

Accounting irregularities will sideline its acquisition spree.

December 6, 2017 at 10:27 AM UTC

Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.

Billionaire Christo Wiese Interview — Waldo Swiegers/Bloomberg

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Steinhoff International Holdings NV, the South African retail group, has got itself into a bit of a pickle.

The company said on Tuesday that Chief Executive Officer Markus Jooste had resigned with immediate effect after it had discovered accounting irregularities that require further investigation. The stock fell as much as 60 percent in Frankfurt on Wednesday morning.