JOHANNESBURG (Reuters) – Scandal-hit Steinhoff International agreed to sell its shares in furniture retailer Conforama France to Mobilux Sàrl, the parent company of retailer BUT, for a nominal amount, the company said on Wednesday.

“The disposal will secure the future of Conforama France, release the Group from its liabilities in respect of that business and generate cash to reduce of the current debt held by Conforama France,” the company said in a statement.