Steinhoff Says the Threat of Imminent Collapse Has Been Averted

(Bloomberg) -- Steinhoff International Holdings NV said a three-year deal agreed with creditors and series of asset disposals has secured the immediate future of the global retailer and its 120,000-strong workforce.

The owner of Conforama in France and Mattress Firm in the U.S. can now look ahead to the completion of a PwC probe into the accounting crisis that’s wiped more than 95 percent off the share price. The investigation will be “substantially complete” by the end of 2018 and those found responsible will be held accountable, the South African company said in a presentation on its website Wednesday.

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