Business Week
Chavez Orders Takeover of Venezuelan Exito Stores
Jan 18--Venezuela President Hugo Chavez ordered the expropriation of Hipermercado Exito stores after alleging that the retailer broke the law by raising prices and hoarding goods.
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The South American country will change its laws if needed to take over the retailer owned by Casino Guichard Perrachon SA of Saint-Etienne, France and Almacenes Exito SA of Medellin, Colombia, Chavez said today on state television.
“I order that we develop a dossier and prepare a new law to take over the Exito chain,” Chavez said. “Repricing and hoarding, what is this? You have to respect our house.”
Chavez’s government closed four Exito outlets for a day because the company allegedly increased prices following a Jan. 11 currency devaluation.
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