Company news in brief
Ex-Steinhoff boss to go on trial
German authorities have announced that the trial of former Steinhoff CEO Markus Jooste will start on 18 April.
A court in the northern German town of Oldenburg has provisionally set down 10 days for the court case.
A spokesperson did not say whether Jooste would be attending the case in person or whether he would be extradited.
Jooste abruptly resigned as Steinhoff CEO in late 2017 when the first signs of what was to become SA's largest private sector fraud scandal came to light.
German prosecutors charged him and three colleagues with balance sheet fraud in March 2021.
He stands accused of accounting fraud for falsely claiming to trade "know-how" in an allegedly bogus deal in 2010. This deal boosted the revenues of a German Steinhoff subsidiary by €95 million - roughly R1 billion at the time.
The former Steinhoff CEO is also the subject of a probe by the Hawks in South Africa, but no charges have been announced yet. – Fin24
Lewis flags muted sales growth
SA's largest furniture chain Lewis reported on Friday that merchandise sales for the nine months to December rose by a muted 2%, with consumers turning to credit as tough economic conditions begin to bite.
Along with high unemployment, elevated inflation, and rising interest rates, the firm also reported it had to contend with "significantly disrupted" retail trading patterns due to load shedding, especially during festive season.
The group’s update also underlined how cash-strapped customers were eschewing cash sales in favour of credit, with its more credit-dependent brands Beares, Lewis and Best Home & Electric faring better than its cash retail brand UFO, whose sales fell by almost double digits.
In morning trade the group's shares had fallen just over 2% to R46.10, having lost almost 7% so far in 2023. – Fin24
Checkers runs ads in UK, Australia
Retailer Checkers on Friday placed an advert in Australian publication The Sydney Herald, as well as the UK's London Evening Standard, highlighting what it called its "value offering" – despite having no stores in Sydney or London.
In a statement, Mike Middleton, chief marketing officer for Checkers, said the retailer wanted to "remind the many South Africans living abroad that our country is a great place to live".
Checkers says it wants to remind emigrants of savings back home.
According to Checkers, the rationale behind the advert is to communicate that it does not "just sell groceries".
"We are selling a better lifestyle," Middleton said. – Fin24
German authorities have announced that the trial of former Steinhoff CEO Markus Jooste will start on 18 April.
A court in the northern German town of Oldenburg has provisionally set down 10 days for the court case.
A spokesperson did not say whether Jooste would be attending the case in person or whether he would be extradited.
Jooste abruptly resigned as Steinhoff CEO in late 2017 when the first signs of what was to become SA's largest private sector fraud scandal came to light.
German prosecutors charged him and three colleagues with balance sheet fraud in March 2021.
He stands accused of accounting fraud for falsely claiming to trade "know-how" in an allegedly bogus deal in 2010. This deal boosted the revenues of a German Steinhoff subsidiary by €95 million - roughly R1 billion at the time.
The former Steinhoff CEO is also the subject of a probe by the Hawks in South Africa, but no charges have been announced yet. – Fin24
Lewis flags muted sales growth
SA's largest furniture chain Lewis reported on Friday that merchandise sales for the nine months to December rose by a muted 2%, with consumers turning to credit as tough economic conditions begin to bite.
Along with high unemployment, elevated inflation, and rising interest rates, the firm also reported it had to contend with "significantly disrupted" retail trading patterns due to load shedding, especially during festive season.
The group’s update also underlined how cash-strapped customers were eschewing cash sales in favour of credit, with its more credit-dependent brands Beares, Lewis and Best Home & Electric faring better than its cash retail brand UFO, whose sales fell by almost double digits.
In morning trade the group's shares had fallen just over 2% to R46.10, having lost almost 7% so far in 2023. – Fin24
Checkers runs ads in UK, Australia
Retailer Checkers on Friday placed an advert in Australian publication The Sydney Herald, as well as the UK's London Evening Standard, highlighting what it called its "value offering" – despite having no stores in Sydney or London.
In a statement, Mike Middleton, chief marketing officer for Checkers, said the retailer wanted to "remind the many South Africans living abroad that our country is a great place to live".
Checkers says it wants to remind emigrants of savings back home.
According to Checkers, the rationale behind the advert is to communicate that it does not "just sell groceries".
"We are selling a better lifestyle," Middleton said. – Fin24
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