• Simply Vera
    Simply Vera

Steinhoff has announced it has addressed the majority of its short-term liquidity requirements, as issues with its Asia Pacific arm linger.

In a presentation for the company, it revealed the Asia Pacific businesses continue discussions with banks to secure additional funding by mid-February.

Despite this, insolvency experts continue to watch the Harris Scafe, Best & Less and Debenhams Australia owner.

Earlier this month, NAB and ANZ appointed McGrath Nicol to monitor the local business. Steinhoff Asia Pacific however, maintains it is trading normally with total sales across Australia up 3.1% on last year.

It has also appointed its own team, legal firm Minter Ellison and advisors Ferrier Hodgson, to assist local management. The Asia Pacific Group operates Harris Scarfe, Best & Less and Debenhams Australia with around 10,000 employees.

Steinhoff did confirm to the market in a recent update that the investigation by PwC in company accounts was still ongoing.

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