South African company Steinhoff International Holdings is reportedly considering “takeover interest” in clothing chain Pepco.
Two people familiar with the matter were cited by Bloomberg as saying that the decision is part of Steinhoff’s plans to recover from a recent accounting scandal.
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The South African retailer also noted that private equity firms were among those who have expressed interest in Pepco, reported the news agency.
Pepco operates non-food retail chains across Central and Eastern Europe with a presence in Poland, the Czech Republic, Romania, Hungary, Slovakia and Croatia.
It currently operates 1,300 stores across Europe, offering clothing, footwear, accessories, household goods and toys for customers. Pepco employs more than 12,000 people to serve 12 million customers every month.
Currently involved in an investigation into its finances, Steinhoff is yet to agree to an $11bn debt-restructuring deal.
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By GlobalDataLast week, reports emerged that the company is negotiating a two-year payment delay.
Furthermore, Steinhoff Africa Retail (STAR) has also expressed interest in both Pepco and UK discount retailer Poundland, according to the news agency.
Steinhoff acquired a stake in Pepkor Holdings in 2015, as well as grouped Pepco and Poundland to form Pepkor Europe.
