Steinhoff Revives Plans for Pepco Listing After Pandemic Delay

A pedestrian walks past a Poundland discount store, operated by Pepco Group Ltd., in Peckham in London, U.K., on Thursday, Sep. 17, 2020. U.K. retail sales extended their recovery in August as a government initiative to boost the hospitality industry lured locked-down Britons out to the shops. Photographer: Simon Dawson/Bloomberg
A pedestrian walks past a Poundland discount store, operated by Pepco Group Ltd., in Peckham in London, U.K., on Thursday, Sep. 17, 2020. U.K. retail sales extended their recovery in August as a government initiative to boost the hospitality industry lured locked-down Britons out to the shops. Photographer: Simon Dawson/Bloomberg

(Bloomberg) -- Steinhoff International Holdings NV is reviving plans for a potential share sale of European discount retailer Pepco Group after the coronavirus pandemic caused the move to be put on hold in mid-2020.

The evaluation process is back underway, with a range of options under consideration, the South Afrcan company said in a statement on Monday. No final decisions have been made in regards to action or timing, the group said.

Steinhoff has been battling to raise funds to reduce debt and pay for legal proceedings since an accounting scandal triggered the near-collapse of the retailer in late 2017. Pepco, which has about 2,800 stores in 14 countries, has been the group’s star performer and one of Steinhoff’s more valuable remaining assets.

The share sale had been on track before a series of European lockdowns started to hit revenue in March last year, heightening uncertainty. Pepco’s operations include the discount clothing chain of the same name, which has a presence in eastern European countries including Poland, Romania and Bulgaria.

The company also runs Poundland stores in the U.K. and Dealz outlets in Ireland, Spain and Poland.