South African retailer Steinhoff announced that its subsidiary has agreed to sell a 50 percent stake and related properties in German furniture chain POCO to U.S. engineering to staffing services company Seifert Entities.

The closing of the POCO sale shall bring the German litigation proceedings with Seifert entities to an end.

Steinhoff's subsidiary will sell POCO's stake for 270.68 million euros ($312.9 million).

On January 22, 2018, Steinhoff raised $449.7 million from its funding round.