After 95% Stock Plunge, Steinhoff Finally Faces Angry Investors
Frustrated shareholders to seek clarity on retailer’s accounts at annual general meeting in Amsterdam
Advertising banners for Steinhoff International Holdings NV.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
When Steinhoff International Holdings NV held its annual general meeting a year ago, the company had a market value of about 20 billion euros ($25 billion). Now it’s less than 1 billion euros.
More than four months after the retailer found a hole in its accounts and Markus Jooste quit as chief executive officer, shareholders still have little information about the scope of the wrongdoing or the state of the company’s finances. They’ll get their first public opportunity to demand answers at Friday’s AGM. Whether management will provide any is unclear.