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Scandal-hit Steinhoff sees revenue drop

Mar 01, 2018 - City A.M.

SOUTH Africa's Steinhoff International, which has been embroiled in an accounting irregularities, said yesterday its first quarter retail revenue had fallen and its working capital "had dried up" since the scandal broke.

The multinational retailer has been fighting for survival after it discovered accounting irregularities in December which sparked a sell-off that wiped more than $10bn (£7.3bn) off its market value and led to multiple investigations globally.

The Poundland owner sai...