't zal maar gebeuren schreef op 15 juni 2018 08:19:
By Maryam Cockar
Steinhoff International Holdings NV (SNH.JO) said Friday that it will sell its loss-making Kika/Leiner furniture retail operating companies and property holding companies to Signa Holding GmbH.
The South African retailer said it accepted a conditional offer from Signa for all Kika/Leiner assets and that, should the deal be finalized, the consideration for each of the operating companies will be nominal. The consideration for the property companies will be based on an agreed enterprise value, subject to adjustments.
Signa, an Austrian property company, will carry out due diligence for the operating companies until June 19. The deal to buy the property holding companies is expected to close by the end of September.
Steinhoff said any cash demands on the group from the Kika/Leiner sale assets will now cease.
The company said it had been restructuring Kika/Leiner but credit insurers of suppliers to the retail businesses withdrew their credit insurance cover at the start of June. The withdrawal of credit support placed further liquidity constraints on the Kika/Leiner businesses, adding to tough trading conditions.
Write to Maryam Cockar at
maryam.cockar@dowjones.com(END) Dow Jones Newswires
June 15, 2018 01:53 ET (05:53 GMT)
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