The Company That Owns Mattress Firm Is Plunging After Its CEO Resigned
- Retailer appoints PwC to investigate auditing irregularities
- Stock slumps 58% in Frankfurt; wipes $8.3 billion off value
Steinhoff Bonds Tumble on Moody's Cut to Junk
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Steinhoff International Holdings NV plunged after its chief executive officer resigned amid accounting irregularities, rocking a company that’s rapidly expanded from its roots in South Africa into a retail empire spanning Australia, Europe and the U.S.
The owner of the France-based Conforama furniture chain, Mattress Firm in the U.S. and Poundland in the U.K. said late Tuesday that CEO Markus Jooste quit as it appointed auditor PwC to probe the matter. The stock slumped as much as 72 percent Wednesday in Frankfurt, wiping out more than 7 billion euros ($8.3 billion) in value.