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Steinhoff International Holdings NV’s former Chief Executive Officer Markus Jooste advised friends to sell the South African retailer’s shares days before the stock collapsed, Bloomberg reported. The message, sent around Nov. 30 to at least two people, told recipients there was impending, unspecified bad news coming. At the time, Steinhoff was in discussions with Deloitte LLP about the viability of its accounts. On Dec. 5, the company said it had uncovered accounting irregularities and that Jooste had quit, causing the shares to plunge 63 percent in a single session. South Africa’s financial regulator has been made aware of the message. “The Financial Sector Conduct Authority is conducting comprehensive investigations into possible market abuse offenses regarding Steinhoff International Holdings NV,” Solly Keetse, head of market abuse, said yesterday.

Steinhoff’s Mattress Firm Inc., the largest U.S. mattress retailer, has filed for voluntary bankruptcy protection, giving it breathing room to restructure and shore up its finances as its South African parent company fights for survival, Reuters reported. Steinhoff has been working on a deal to restructure the debt of some subsidiaries with its creditors after revealing multi-billion euro holes in its balance sheet. Mattress Firm is looking to close up to 700 of its 3,000 brick-and-mortar locations. An initial 200 stores will be closed in the next few days, Steinhoff said. The retailer, which said it will continue to serve customers as usual at stores and online during the process, has also received $775 million to fund ongoing operations and repay debt and costs associated with the restructuring.