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Steinhoff: fails to reassure investors; stock down again.

(CercleFinance.com) - The Steinhoff International share, which collapsed 63.
1% yesterday after the revelation of accounting fraud, has failed to reassure investors and is down almost another 30% this morning on the German Stock Exchange.

With its 12,000 stores, this group - a competitor with Ikea, which has Conforama as one of its subsidiaries, yesterday announced the departure of its CEO, Markus Jooste, with immediate effect, on suspicions of fraud, as well as the postponement of the group's results until a later date. PwC has started an investigation for the group, with criminal proceedings also underway, according to reports in German media.

Steinhoff this morning announced that it is trying to strengthen his cash position. On the one hand, it has already received interest from investors for assets that are "outside its core business" - without giving further details - which could release at least one billion euros in cash. On the other hand, the refinancing of its highly profitable African subsidiary Steinhoff Africa Retail Limited (STAR) in optimal conditions is now underway.

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