The boss of Pepco Goup —which operates the Dealz, Poundland and Pepco discount stores across Europe — said it was “inevitable” that its troubled South African owner Steinhoff would put it up for sale.

South Africa’s financial regulator has fined Steinhoff International Holdings the owner of the Dealz discount chain here and Poundland in the UK.

Scandal-hit retailer Steinhoff said it had refinanced some €9bn of debt in its overseas operations which include Dealz in the Republic, Poundland in the North and Britain, and France’s Conforama, after pushing the deadline date back repeatedly.

Discount retail chain Dealz has brought a High Court challenge to a decision which prevents it from continuing to operate from a retail park near the Liffey Valley Shopping Centre in Dublin.

Steinhoff International has suspended former chief financial officer Ben La Grange and ex-director Stehan Grobler in the first action taken against executives by the company as part of an ongoing investigation into the retailer group’s finances following an accounting scandal.

Crisis-hit South African retailer, Steinhoff — which owns the Dealz-Poundland discount stores in Ireland — is considering “all of its options” to support its liquidity, after a report that it could sell a stake in its African unit.

Steinhoff, the parent group of the Dealz and Poundland discount stores, will have to restate its 2015 accounts and maybe earlier figures, the South African retailer has said, having already warned on its 2016 numbers.

Markus Jooste, the ex-head of Steinhoff who quit this month amid an accounting scandal, is being sued by three South African lenders after a racehorse company he was a director of failed to meet its financial commitments.

The parent group of the retail discounter Dealz and Poundland stores is facing huge pressure in Germany following an accounting scandal in South Africa.

Your lunchtime news bulletin.

South African retail holding company Steinhoff will strengthen its presence in the British retail sector after agreeing a £597m (€716m) takeover of discount chain Poundland, it said yesterday.

British discount retailer Poundland is set to focus its expansion plans on the Irish market in the next nine months.

Mary Lou McDonald is standing over her decision to name alleged tax evaders in the Dáil, Gardaí have launched a probe into a fire in the Kerry mountains, anti-water charge TD’s have said the Government is bluffing over the Irish Water bill threats and could Sue Perkins be the next Top Gear host? These are some of the latest and most read news on irishexaminer.com this evening.

Poundland is set to buy rival 99p Stores in a £55 million cash and shares deal 14 years after the family-run chain was founded.

Retail sales grew by over 4% in the final three months of 2014, on a year-on-year basis, marking the largest such growth for more than seven years.

Here’s a run down of today’s business headlines.

British fixed-price discount retailer, Poundland — which trades here as Dealz — issues its third-quarter trading update on Wednesday.

Discount retailer Dealz has announced the opening of 10 additional stores and the creation of 300 new jobs here.

More than 120 jobs are to be created in three locations across the country following announcements by two discount retailers.

Luxury shoe designer Jimmy Choo is reportedly in talks over a potential £1bn (€1.2bn) stock market debut as flotation fever shows no sign of ending.

Luxury shoe designer Jimmy Choo is reportedly in talks over a potential £1bn stock market debut as flotation fever shows no sign of ending.

High street electronics retailer Maplin has been put up for sale with a price tag of up to £200m.

The Irish exchange is back in the big time, with the US also booming again, writes Kyran Fitzgerald.

Poundland, Europe’s biggest single price discount retailer, and parent company of Dealz, has reported a surge in the number of well-heeled shoppers visiting its stores as it notched up a record Christmas performance.

A Banksy mural which was withdrawn from a controversial auction at the 11th hour has been put up for auction again, to the dismay of local campaigners.

A Banksy mural that was removed from the side of a Poundland shop in the UK in mysterious circumstances could reach more than £450,000 when it is auctioned tonight.

UK discount retailer Poundland said Christmas sales were up 6% compared with the company’s expectations, with tree decorations among areas performing well.

The discount retailer Dealz opens a new store in Dundrum in Dublin today, creating 30 new jobs.

Discount retailer Dealz is continuing to aggressively expand into the retail market, planning 10 stores that will employ an extra 300 people.

Discount retailer Poundland said today it is serving an additional half a million customers a week as it becomes one of the few retail chains to benefit from the consumer spending squeeze.

Europe's biggest single price discount retailer - Poundland - has opened its first two stores in Ireland.

BRITISH discount retailer Poundland has plans to open up to 50 shops in Ireland over the coming years.

UK discount retailer Poundland is to expand into Ireland creating at least 180 new jobs, it was announced today.

The opening of four Poundland stores and vacancies at two others will mean the creation of 140 jobs, the company said today.

A UK discount retailer has announced plans to create 210 jobs at a chain of stores in the North.

Northern Foods in the UK today said strong demand for salads, sandwiches and meat grills had lifted sales as Brits fired up the barbecue in the summer sun.

Woolworths could be broken up as early as this week as around a dozen serious bidders circle the high street chain, Sunday newspapers in England said today.