Retail News

Steinfhoff’s CEO resigns amidst accounting problem

Bloomberg 12/06/2017

Steinhoff CEO Markus Jooste has stepped down as auditors from accounting firm PwC conduct an investigation into inappropriate practices in the international furniture company. Steinhoff operates the France-based Conforama furniture chain, Mattress Firm in the U.S. and Poundland in the U.K. The company’s share price plunged 60 percent on Wednesday in Frankfurt, erasing over 7 billion euros ($8.3 billion) in value.

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