Steinhoff International Holdings NV lost a case against a former business partner related to how it reported financials for 2016, the first major legal setback for the global retailer as it battles an accounting scandal.
The owner of French furniture chain Conforama, Mattress Firm in the U.S. and Pep clothing in Africa should amend its accounts for that year, the Amsterdam Enterprise Chamber ruled Monday in a case brought by Andreas Seifert’s OM Handels and MW Handels businesses. The lawsuit pre-dates the reporting by Steinhoff of financial wrongdoing that’s wiped almost 90 percent off the value of the company.
