Steinhoff greatly reduces European furniture activities

21.09.2018 − 

Since the beginning of 2018 Steinhoff International Holdings has significantly reduced European activities in its furniture division with the sale of several subsidiaries. Steinhoff has signed sales agreements for a total of five furniture companies in the Netherlands, Austria and Germany. These companies generated a combined turnover of some €2.8bn in 2017.

The companies concerned are Habufa Meubelen, Kika/Leiner Group, Poco as well as Impuls Küchen and Puris Bad. The divestments have taken place within the scope of economic turbulence affecting the group, which started with balance sheet manipulations becoming public in December 2017 and the resignation of former CEO Markus Jooste.

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