Kika-Leiner Group restructuring

Overview:

• Austrian homeware retailer Kika-Leiner Group and its parent company Steinhoff successfully reached a restructuring agreement with creditors to ensure the group's Austrian arm is unaffected by the wider group's financial difficulties. 
• The agreement of new credit lines only covers Austria and not Kika-Leiner's other CEE branches. 
• South Africa based group Steinhoff, which bought Kika-Leiner in 2013 and owns more than 40 retail brands, began restructuring talks with its creditors after accounting irregularities were discovered in December 2017. 

Ben Naylor - Regional editor