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Furniture retailer JD Group is planning to close about 260 stores employing thousands of workers as it seeks to stabilise its finances.
Steinhoff, which last year agreed to buy Pepkor for R62.94bn, has said it would buy out fellow investors in furniture chain JD Group, offering R34 per share for the 13.22% stake.
Steinhoff International Holdings aims to turnaround troubled JD Group after posting a 20% revenue jump for the year ended June, CEO Markus Jooste tells Fin24.
The share price of JD Group has jumped more than 5% in early trade after the struggling furniture retailer said it will sell its financing arm.
Struggling Furniture retailer JD Group priced its R2.48bn rights offer at its current share price, to shore up its balance sheet.
Furniture group Steinhoff has offered to increase its holding of debt-laden subsidiary JD Group to 98%, to provide much-needed financial support to the company.
Furniture retailer JD Group has swung to a first-half loss and suspended its dividend, hit by a near-doubling of money set aside to cover customers' unpaid debts.
Retailer JD Group has acquired 19 properties and leases from Steinhoff International in exchange for JD Group shares worth R447m.
Recession cuts consumer spending despite interest rate cuts.
Steinhoff's earnings have been primarily supported by a growing discount retail environment and an ongoing focus on cost savings, says CEO Markus Jooste.
A new furniture store concept is being tested in SA, which is based on the larger furniture stores Steinhoff owns in Europe, says Steinhoff CEO Markus Jooste.
JD Group has posted a massive annual loss of R1.923bn compared with a profit of R632m reported in the previous comparable period.
Furniture retailer JD Group has cut the size of its planned rights offer, after agreeing to shift its funding to top shareholder Steinhoff International.
Is Steinhoff International Holdings looking to use the JD Group listing on the JSE to list its growing property portfolio, asks Adriaan Kruger.
Clothing and credit-based furniture retailers Truworths and JD Group wrote off consumer debt totalling over R1bn in the six months through December.
Shares in JD Group have tumbled by 6% after announcing that it would likely suffer a profit loss because consumers can't afford to pay their furniture debt.
Local shares may either consolidate around current levels or see profit-taking.
There are so many surprise rankings on this year's p:e table, you're bound to go back into old Sens announcements.
Cape Town Northern SuburbsMonotecR6 000.00 - R15 000.00 Per Month
Cape TownHire ResolveR1 300 000.00 - R1 600 000.00 Per Year
Cape TownADA Recruitment & HR Solutions
R 5 300 000
R 6 100 000
R 5 525 000
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