The parent company of the KIKA brand of furniture stores, Steinhoff International, is in freefall following the eruption of an accounting scandal. Its stock price has plummeted 90 percent since the beginning of December, when its CEO resigned as reports at the same time as publication of its 2017 audited results were put on hold. Warnings that there might be problems with its 2016 results followed, but the company announced on Wednesday that its 2015 audited results could not be trusted either. The revelations are already having a financial impact on the company, as banks have been calling in certain loans. There are nine KIKA stores in the Czech Republic and five in Slovakia. Steinhoff bought the KIKA network network of stores in 2013 from the Austrian company kika-Leiner Group. The company also owns furniture brands such as Conforama in France, and Harveys in the UK.
