The sale of the furniture chain kika/Leiner has been approved by all the relevant anti-trust authorities, clearing the way for the deal to close. Signa Group made a formal bid to the Steinhoff Group for the kika furniture chain in June. The bid involved taking over operations at roughly 70 kika stores in Austria and CEE along with the company’s 5,500 employees. A restructuring was to be worked out in cooperation with the company’s management over the summer.
“We are absolutely certain that the company can be put back on its feet and be successful once again,” said Dr. Stephan Fanderl, Managing Director of SIGNA Retail. “Our focus is set on creating a sustained and financially secure perspective for this Austrian company with its rich tradition and its dedicated staff.” The first public signs of trouble for Steinhoff International emerged at the beginning of the year, when the accuracy of its accounting books dating back to 2016 came into question.
