Steinhoff Chairman Will Quit Supervisory Board After Scandal
- Mattress Firm’s owner says chairman to step down from board
- Banks force sale of Wiese-controlled shares held as collateral
Steinhoff Bonds Tumble on Moody's Cut to Junk
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Christo Wiese’s grip on his global furniture retailing empire is slipping after the South African billionaire resigned from the board of troubled Steinhoff International Holdings NV and creditors forced a sale of part of his stake.
Wiese stepped down from his role as chairman to resolve questions over any conflict of interest as the owner of Mattress Firm in the U.S. and Conforama in France fights for survival amid a deepening accounting scandal.