An employee exodus may be on the cards at retailer Steinhoff as it edges closer to bankruptcy and skilled staff look for better opportunities. But some industry analysts also warn of retrenchments among the group's 130000-strong global workforce. Zwelakhe Mnguni, chief investment officer at Benguela Global Fund Managers, said an exodus of highly skilled people was likely. "If you just take all the claims ... and look at the debt, I can't imagine anybody who would want to stay there if there is a possibility of retrenchment," said Mnguni. He added that it was the highly skilled employees who would run as a lot of them had share options and "those shares are worthless and there is no prospect of recovering from that kind of situation". On Friday Steinhoff published a restructuring framework after a meeting with its lenders in London. The retailer said it expected to report a net loss for the first half of 2018 as it worked towards paying off its R156-billion debt. Since December, Stei...
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