Woolworths hits Lowe’s Legal Hurdle in Masters Sale

 In Australia, Bunnings, NewZealand, Woolworths
US hardware giant Lowe’s has potentially thrown a spanner into Woolworths’ moves to offload its Masters hardware stores.
Lowe’s was a one-third joint venture partner with Woolworths in the failed Masters hardware chain, which was a spectacular cash drain for the Australian retailer and failed to make a dent in the sales or earnings of Wesfarmers-owned rival Bunnings.
Last week, Woolworths announced that all Masters stores would close before the end of the year, their stock would be liquidated and the properties sold, with expected gross proceeds around $1.5 billion.
However, the last part of that equation has been thrown into doubt by legal action that Lowe’s has launched in the Federal Court of Australia. MSN Company News – Read more…

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