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From Home Furnishing Business

Report: Steinhoff Lenders Begin Pulling Credit Lines

Mattress Firm parent Steinhoff International (FRANKFURT: SNH) is being “pushed to the brink of collapse” because several lenders have pulled credit lines, according to a Bloomberg News report.

The report said Steinhoff’s new management team has told lenders it is unable to quantify the cash flow of its operations and still doesn’t know when it will have audited financial statements from the 2016 and 2017 fiscal years.

The South Africa-based furniture manufacturing and retailing conglomerate’s troubles began two weeks ago, when the company said it was investigating “accounting irregularities.”

In the wake of the scandal, longtime CEO Markus Jooste and board Chairman Christo Wiese have resigned.

Click here to read the Bloomberg story.

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