Steinhoff hires restructuring chief Richard Heis to manage crisis

Heis, previously global head of restructuring at KPMG, brings over 25 years’ experience of managing complex international restructurings, according to Reuters. 

He will be tasked with driving the South African conglomerate’s recovery, following the emergence of accounting irregularities in December, which slashed £10bn off the group’s market value.

Steinhoff acting chairman Heather Sonn said Heis should bring “significant benefit to the group” as it formulates a plan to deal with the crisis.

The group, which also owns Harveys and Bensons for Beds in the UK, has been scrambling to fund ailing parts of the business and prevent the collapse of the retail empire.

A number of banks have sold their debts in the company, including Natrixis and JP Morgan.

Separately, the retailer said it plans to hold its annual shareholders’ meeting on April 20.