South Africa’s Steinhoff sells 6 percent of African unit

JOHANNESBURG, April 11 (Reuters) – Troubled South African retailer Steinhoff plans to sell 6 percent of its domestic Steinhoff Africa Retail operation to reduce debt, it said on Wednesday.

Steinhoff, which owns 77 percent of Steinhoff Africa Retail, is fighting for survival after discovering a accounting irregularities in December, knocking its share price by about 90 percent and leading to the departure of its chief executive and chairman.

Reporting by Tiisetso Motsoeneng
Editing by David Goodman

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