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Poundland Creates Gap from ex. Steinhoff Chairman

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Steinhoff purchased Poundland in 2016 for £597 million and as the crisis that is overwhelming the firm has brought in allegations about the chain’s 802 UK Poundland stores along with its 18,000 staff. The bosses of the firm, Sean Cardinaal and Barry Williams have insisted that Poundland is still a successful business despite problems with Steinhoff.

A manufacturer of beds, Hilding Anders, bought Poundland over and saved 104 out of 123 jobs, as well as 17 among its 20 stores. Even as the firm collapsed, Poundland still continued trading. Its collapse was partly due to the lack of budget and overspending even as shoppers are not purchasing more costly things such as furniture.

Chairman and Chief Executive of Hilding Anders, Pepyn Dinandt stated that Poundland will continue trading under a different name, Feather & Black. Hilding Anders mentioned that they are positive that once insurers have a full grip on an understanding of their position, then they will be able to present more reassurance to the suppliers. They continued nothing has affected their excitement about the future of Poundland.

The Steinhoff scandal showed that Steinhoff is £15 billion in debt, which includes private investors as well as a collection of international banks such as Goldman Sachs and HSBC to prepare for loses.

Steinhoff news presented that Danie van der Merwe has been promoted from Chief Operating Officer to Chief Executive. His role has replaced the largest shareholder and ex-billionaire, Christo Wiese who has resigned his position as the Steinhoff scandal spiralled deeper. Previously, Wiese replaced Markus Jooste, the previous CEO of Steinhoff International Holdings, who resigned as well when news regarding the company’s accounting irregularities first showed. The firm had already announced that German investigators will be handling investigations on the business to search for signs of fraud.

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