Fantastic Furniture owner hires advisors

Steinhoff Asia Pacific, the owner of Fantastic Furniture, says it is a profitable and financially strong business, despite hiring financial advisors.

The owner of brands including Fantastic Furniture has hired financial advisors specialising in helping distressed companies, but says it remains profitable despite problems at its parent company.

Steinhoff Asia Pacific, which also owns Freedom Furniture and Best & Less, says it is profitable and financially strong but that it has appointed Minter Ellison and Ferrier Hodgson to provide legal, financial and corporate advice.

The company on Thursday said the appointment was supported by its local lenders, and was a prudent step while parent company Steinhoff International Holdings works through "significant uncertainty".