January 26, 2018 / 2:12 PM / a year ago

Steinhoff says short-term liquidity squeeze largely addressed

JOHANNESBURG, Jan 26 (Reuters) - Steinhoff has largely contained its operational liquidity crisis, it said on Friday, as the troubled South African multinational retail group tallied the damaged stemming from an accounting scandal.

Steinhoff, which owns more than 40 brands including Poundland in Britain, admitted “accounting irregularities” last month, sparking an 85 percent share price slide that wiped more than $10 billion off its market capitalisation.

Commenting on a meeting with creditors, Steinhoff said it expected to give a quarterly trading update at the end of February. (Reporting by Tiisetso Motsoeneng; Editing by Keith Weir)

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