Bouncing back: Embattled Steinhoff to list America's Mattress Firm
Steinhoff's Supervision Board, which is trying to bring the affairs of the once-vaunted furniture company to an orderly close, has announced one further step in the process.
Source: Reuters/Mike Blake
US-based Mattress Firm looks set to reemerge as a publicly-traded company almost six years after it was acquired by Steinhoff, and just over four years after Steinhoff imploded in a billion-rand accounting scandal that has yet to see the wrongdoers convicted of any offence.
Mattress Firm, the largest speciality bedding retailer in the United States, is planning an initial public offering on the New York Stock Exchange and has filed an initial prospectus with the Securities and Exchange Commission.
This will be the second listing of a major asset by Steinhoff in a year, as it grapples with debt that threatens to overwhelm it.
Read the full article on Daily Maverick.