Bernard Mostert on Steinhoff as court grants embroiled retailer leave to appeal
Former Tekkie Town CEO Bernard Mostert unpacks the Western Cape High Court’s decision to grant Steinhoff leave to appeal to the Supreme Court of Appeal in the liquidation bid it is facing. Mostert and business partner Braam van Huyssteen are fighting for the restoration of their business Tekkie Town after the footwear retailer was sold to Steinhoff in 2016 for R3.2bn. Mostert and Van Huyssteen received Steinhoff shares in exchange for Tekkie Town. Months later these were worth a fraction of their value at the time of the transaction, given Markus Jooste sudden resignation and subsequent accounting irregularities that came to light at the end of 2017. If the Tekkie Town owners are successful in the liquidation bid against Steinhoff, shareholders will almost certainly be left with nothing.