Troubled South African retailer Steinhoff said on Wednesday it had raised 4.8 billion rand ($332 million) from the sale of its 26 percent stake in KAP Industrial to pay off debt and shore up its finances.
The suspended former chief financial officer of Steinhoff is helping authorities with investigations into $7 billion-plus (5.3 billion pounds) accounting fraud at the South African retailer, he said on Thursday.
South African retailer Steinhoff said an independent report had found it had overstated profits over several years in a $7.4 billion accounting fraud involving a small group of top executives and outsiders.
Good news for failed footwear retailer Treds. Just a few weeks after it went into administration, the company has been bought out by retailer New Gray Ltd which said it would keep all of the 21 stores open
With the UK suffering an almost-unprecedented wave of fashion retail failures, the footwear sector appears to be particularly vulnerable and news has come that another small-to-medium-sized business has gone under.
This season’s content programme at Birmingham fashion trade show Moda will focus on using the power of social media to grow brand awareness, the issues facing UK retailers and the benefits of video marketing.