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Steinhoff Africa Retail to change its name back to Pepkor

Steinhoff Africa Retail Ltd., known as Star, will revert to its former name, Pepkor Holdings Ltd., in order to distance itself from embattled parent Steinhoff International Holdings NV.

Star CEO Leon Lourens told Bloomberg that the move was "the most obvious route" for the retailer since most of the firms under it are former Pepkor companies, according to a May 29 report.

Steinhoff International, which is incorporated in the Netherlands, is embroiled in an accounting scandal and a raft of lawsuits stemming from investors who have seen the value of their investments shrink.

Steinhoff owns a 71% stake in the home furnishings unit after a spinoff. It recently named former Pepkor CEO Pieter Erasmus as a nonexecutive director to its board, effective Oct. 1.