Steinhoff

About Steinhoff

Steinhoff International, a South African furniture retailer, disclosed accounting irregularities in December 2017. CEO Markus Jooste resigned. The company had overstated profits by approximately 7.4 billion over several years. Steinhoff shares fell 90 percent in one day. The collapse destroyed approximately 200 billion rand in shareholder value. The company operated globally, owning brands including Conforama, Mattress Firm, and Poundland. Christo Wiese, the chairman and largest shareholder, lost an estimated 4 billion. Steinhoff restructured its debt and sold assets to survive. Jooste was charged with fraud in Germany. The collapse was the largest corporate fraud in South African history. The case raised questions about auditor oversight, as Deloitte had signed off on the accounts.