The great escape: How Steinhoff saved itself from total collapse

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
0:00
play article
Subscribers can listen to this article
Former Steinhoff CEO Markus Jooste.
Former Steinhoff CEO Markus Jooste.
Jaco Marais/Netwerk24

Four years after Steinhoff's CEO abruptly resigned, plunging the retailer's share price to record lows, business analysts are still chewing over one of the saga's trickiest questions: what saved the retailer from total collapse? 

Unlike Enron, Wirecard, and other companies felled by corporate fraud, Steinhoff managed to ride out the initial shock of a plummeting share price, a severe liquidity crunch and an avalanche of bad press. 

Four years on, the company is still going strong, although it has had to sell some of its prime European retail assets. But why and how did Steinhoff survive this long?

Support independent journalism
Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
15.36
-0.8%
Rand - Pound
20.68
-0.4%
Rand - Euro
17.26
-0.1%
Rand - Aus dollar
10.91
+0.0%
Rand - Yen
0.13
-0.1%
Gold
1,818.88
-1.6%
Silver
23.54
-1.1%
Palladium
2,332.00
+5.9%
Platinum
1,035.50
+0.6%
Brent Crude
88.20
+2.2%
Top 40
67,364
+2.2%
All Share
73,797
+2.0%
Resource 10
75,253
+3.2%
Industrial 25
91,472
+1.8%
Financial 15
14,925
+0.8%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot