Greenlit Brands lost $287 million over the 2019 financial year due to restructuring costs and operational losses.
Discontinued operations, that included the general merchandise division, are said to be responsible for $125 million in losses.
Greenlit sold off its general merchandise division, including Best&Less and embattled department store Harris Scarfe, last December to Allegro Funds.
However, a divestment in its fashion operations wasn't the only loss, with a $154 million write-down in the company's goodwill.
The group’s parent company, Steinhoff International, has come under hard fire recently over its fiscal and retail operations.
Early last year, the company was investigated for corruption and faced near collapse in the midst of tough trading conditions.
It is understood directors are continuing to look for an exit from its South African parent company, including the purchase of trademarks to reduce royalty exposure.
Greenlit Brands is hoping a focus on its furniture business, which includes Fantastic Furniture and Snooze, to also change its fortunes.
Revenue from these continuing operations, which exclude its divested merchandise and fashion division, stayed steady at $1.07 billion, up from $1.03 billion in 2018.
However, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) on continuing operations dropped 30% from last year to $49.6 million.