Steinhoff Nears End as Advisers Amass $495 Million in Fees (1)

Steinhoff International Holdings NV shareholders on Wednesday had little choice but to vote to dissolve the shell of the scandal-hit global retailer, drawing a line under a 5-1/2 year saga that turned into a windfall for lawyers and advisers.

Those who have held stock via listings in Frankfurt or Johannesburg stand to gain little, if anything, after the creditors who control the company get paid. But outside parties have received €447 million ($495 million) since late 2017, according to annual reports, and managers have also continued to be remunerated.

Steinhoff, the former owner of Conforama in France and Mattress Firm ...