Steinhoff’s Window-Dressing Reveals the Devil Is in the Details

  • Company uses fine print to communicate clearly to stakeholders
  • Embattled retailer is finalizing debt-restructuring talks

Pedestrians pass the front of a Steinhoff International Holdings NV store.

Photographer: Waldo Swiegers/Bloomberg
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It’s quite understandable that Steinhoff International Holdings NV wants to create a favorable impression. The embattled retailer is in the final monthBloomberg Terminal of debt-restructuring talks, after all.

In its results presentation last week, Steinhoff proclaimed in standout pink letters on the first page that it operates in “more than 12,000 stores with 40+ brands in 30+ countries.” Zoom in and the small print below reveals this includes discontinued operations.