Steinhoff Units Seek ‘Significant’ Funding as CFO Steps Down
- CFO La Grange to focus on accounts and liquidity efforts
- Mattress Firm owner says some stability achieved in operations
Steinhoff International Holdings NV office in South Africa.
Photographer: Waldo Swiegers/Bloomberg
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Steinhoff International Holdings NV, the South African retail giant consumed by an accounting scandal, said some of its business units need “significant near-term liquidity” as its chief financial officer stepped down to focus on rescue efforts.
CFO Ben la Grange will be replaced by Philip Dieperink, finance chief for the company’s U.K. subsidiary, the owner of France’s Conforama and Mattress Firm in the U.S. said Thursday. La Grange will also work on completing the 2017 financial statements, while Steinhoff said it is seeking a chief restructuring officer to help rearrange its debt.