Up-to-date coverage of the latest events in UK retail.
Sports Direct and Grant Thornton to part ways
Sports Direct and accountancy firm Grant Thornton are set to part ways following reports of a row between the two over a €674m (£624m) tax demand from Belgium authorities.
The retailer’s preliminary results were delayed in July due to the last-minute tax demands causing reported arguments between the companies.
Sports Direct announced it received notice from Grant Thornton following a review of its client portfolio with the intention not to seek reappointment as the retail giants’ auditors.
The accountancy firm will step down with effect from September 11 – the same date as Sports Direct’s AGM.
Steinhoff plans to sell off assets following accountancy scandal
South African furniture and homewares giant Steinhoff is set to cut its debt and trim down its assets to focus on retail investments after a $7bn (£5.8bn) accountancy scandal.
Steinhoff’s management team said it aims to sell off its non-retail assets and cut jobs at Conforama – the French furniture chain – in a bid to cut its debt, City AM reports.
A report in March uncovered the company had overstated profits for several years in a $7.4bn fraud. Chief executive Louis du Preez told investors that the company’s strategy to sell off its assets was the “only way to survive”.