Steinhoff Sells Down Pepkor Stake to Help Pay Creditors (2)

Steinhoff International Holdings NV sold a near-10% stake in pan-African clothing retailer Pepkor Holdings Ltd. to help fund a settlement with creditors.

The company, which nearly collapsed following an accounting scandal in late 2017, placed 370 million Pepkor shares for 7.3 billion rand ($515 million), according to a statement on Tuesday. The shares were priced at 19.75 rand apiece, or a 9% discount to the Sept. 13 close.

Steinhoff has been selling assets around the world to stay afloat after the discovery of accounting irregularities triggered a share-price crash. The owner of Mattress Firm in the U.S. needs funds to ...