Steinhoff International (Seite 5227)

[WernaWillsWissen]

Antwort auf Beitrag Nr.: 58.356.111 von Lockeres Luder am 02.08.18 08:56:23

Danke, toller Bericht!
www

Zitat von Lockeres Luder: "Steinhoff's Australian nightmare before Christmas"

https://www.afr.com/brand/chanticleer/steinhoffs-australian-…

Michael Ford, the chief executive of Steinhoff Asia Pacific, spent seven years on active military service, so he knows what he's talking about when he describes joining the company as "walking into an ambush".

Ford, the former chief executive of The Good Guys, which is now owned by JB Hi-Fi, joined Steinhoff in October last year.

Less than two months later the group, which has around $2 billion in annual sales and owns furniture chains Freedom, Snooze, Bay Leather Republic, Poco and Fantastic, as well as department stores Harris Scarf and Best & Less, was plunged into crisis when its parent company in South African was hit by an accounting scandal.

The South African parent's long-time chief executive, Markus Jooste, left the company in early December. And as Ford told a Ferrier Hodgson event in Melbourne on Thursday, it didn't take long for the storm to hit Australia.

While Steinhoff Asia Pacific was trading well, and was not reliant on the parent company for financial support, accounts released earlier this year showed it had $500 million of debt, and its Australian banks were worried.

Ford recalled how he was "frogmarched" into the offices of his banks on December 22, 2017, after being told by his chief financial officer, Michael Gordon, that they were "going to see the bad bank".

This is a different bunch of beasts all together," Ford said on Thursday of the workout bankers he met with.

"We'd just come out of the most profitable quarter of any retailer in Australia – it was a very profitable quarter – and we were facing putting the business into administration."

Ford says negotiations were tense.

"We did explain to them to we had 10,000 employees, and 10,000 employees is 30,000 meals on the table. It's the 22nd of December, how can you even be thinking this?"

Eventually, Steinhoff got 30 days grace to get through Christmas, then another 60 days, during which it put together a new financing package, which was announced in February.

"That was a very precarious experience, one that I haven't experienced before. Really we went from being retailers to debt reconstruction officers," Ford said.

While he says a lot of Steinhoff's brands need "optomising and reviving" the group has come through the crisis in reasonable shape.

"We managed to keep the alligators away from our brands. The brands have performed extremely well given the circumstances, and the Australian business is in very good shape."

Another issue Ford emphasised at the event was importance of retailers adopting the highest level of IT infrastructure.

"Today, technology applications are so diverse and changing at such a speed that many retailers are just adopting this IT infrastructure and they are using it like spaghetti – throwing it at the wall and hoping it sticks.

"One of the biggest challenges is getting your business from tier three, tier four infrastructure to tier one."

He said this was one of the many challenges in front of Myer, which needed to reshape its department store model quickly.

"They've just got big buildings full of deflationary stuff," he said of the ailing chain.

But in an echo of the complaints Solomon Lew has made about the retail experience on the Myer board, Ford also said the IT challenge underlined the need for directors with deep industry knowledge and strong track records.

"You can't operate in this digital world with a wobbly IT infrastructure. But try to explain that to a board.

"That's why you need the expertise [on the board]. You can't have afford to have people who aren't experienced in retail."

James Thomson

[e-mail]

[Felicitas100]

Hallo,mit dem Nachkaufen oder verbilligen können wir uns noch ZEIT lassen,die Börde entwickelt sich gerade zu einem handfesten CRASH.Die VW wird heute wahrscheinlich noch unter 140 Euro fallen wenn das so weitergeht und in den USA sieht es auch nicht gut aus für heute nachmittag .Füße still halten !!

[xlir]

Komm bei Xetra u.Tradegate nicht mit. Hab mal eine kleine Order aufgegeben.Kleinere Order werden selbst dann nicht ausgeführt wenn man in einer halben Stunde zig Abschlüsse grossenteils sogar unter dem Gebot gemacht werden .Enttäuschend.

[Beobachter03]

!

Dieser Beitrag wurde von CloudMOD moderiert. Grund: bitte das Threadthema beachten, bleiben Sie bitte sachlich

[MKFTL]

Antwort auf Beitrag Nr.: 58.357.725 von einfachchristian79 am 02.08.18 11:32:27

Ja am 31.8. glaube

[einfachchristian79]

Ende august kommen die Zahlen, richtig?

[Pebotodi]

Antwort auf Beitrag Nr.: 58.357.626 von Swallrich am 02.08.18 11:25:36

Schreib deine Meinung und Unterlasse einfach diese zusätzlichen vollkommen überflüssigen Titulierungen / Beleidigungen. Ok?

[Swallrich]

Antwort auf Beitrag Nr.: 58.357.476 von Pebotodi am 02.08.18 11:14:03

Die Wahrheit ist unangemessen ?
Ist Basher, pusher oder ähnliches besser?

[Pebotodi]

So wird der Preis gedrückt...

Bei marginalen Umsätzen nach oben Absichern (261.000 Stk. zu 0,158), unten Kauforders platzieren (307.000 Stk. zu 0,154 und 106.000 Stk. zu 0,153) und dann noch ein paar Steinis in den Markt schmeißen

[Asker2112]

Antwort auf Beitrag Nr.: 58.357.344 von onkelen am 02.08.18 11:01:46

Immer diese Zweifel..

[img][/img]