Steinhoff Update – Top US consultants hired ahead of next week’s London D-Day

LONDON — After copping some justifiable flack for a lack of communication after Wednesday's bombshell announcement, Steinhoff has kicked off what will hopefully be a stronger communication flow through a couple of statements on the Stock Exchange News Service. This will be welcomed by the 130,000 staff who work in the group's 12,000 retail outlets in 30 countries. It also provides credible information for other stakeholders, all of whom have been shocked by the events of the past few days. Herewith our summary and context on officially disclosed information, with links to the formal statements. – Alec Hogg

Today (Monday 11 December) from Steinhoff International.

• Ahead of next Tuesday's (19th) meeting in London with its lenders (major international banks) the group has appointed Moelis & Company as its independent financial advisor; and AlixPartners to assist with "liquidity management and operational measures". Moelis is a NYSE-listed global investment bank headquartered in New York, with 17 offices worldwide and annual revenues of over $600m. AlixPartners is a New York-headquartered management consultancy which specialises in high profile corporate turnarounds and bankruptcies.

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