Steinhoff Makes $2 Billion Impairments Linked to Mattress Firm

Steinhoff International Holdings NV said the value of goodwill and intangible assets as of end September 2017 has been downgraded by a further 1.8 billion euros ($2 billion) due to a reassessment of the performance of U.S. bedding chain Mattress Firm.

The South African retailer is putting the final touches to audited financial statements for fiscal 2017, which were delayed in December of that year amid the start of an accounting crisis. The owner of Conforama in France and Poundland in the U.K. is due to publish them on May 7 after a series of further postponements.

Steinhoff valued goodwill ...