Australia's Woolworths says hardware JV partner Lowe's takes it to court

A shopper walks out of a Woolworths store in Sydney, Australia, May 12, 2016. Picture taken May 12, 2016. REUTERS/David Gray·Reuters· (Reuters)
Reuters
0

SYDNEY (Reuters) - Woolworths Ltd <WOW.AX> said on Monday the U.S. company with which it had a hardware retail joint venture had started legal proceedings, five days after Australia's No.1 grocery chain said it was exiting the business.

Woolworths's joint venture partner, Lowe's Companies Inc <LOW.N>, has filed a court application in relation to their hardware chain, the company said in a statement.

The Australian company did not give details of the court application but said it "is yet to be served with documents relating to this application".

In a statement, Lowe's said "Woolworths has engaged in oppressive conduct, including by invalidly and in bad faith attempting to terminate" the joint venture.

Woolworths said last week its three-way plan to shut down and sell parts of its home wares business will proceed as planned.

(Reporting by Byron Kaye; Editing by Gopakumar Warrier)

Advertisement

Recommended Stories

  • Plug Power (PLUG) Reports Q1 Loss, Lags Revenue Estimates

    Plug Power (PLUG) delivered earnings and revenue surprises of -34.38% and 26.18%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?

  • Can I Use My RMDs to Transfer Money Into My Roth IRA?

    If you're taking a required minimum distribution from an IRA, 401(k) or other tax-deferred account and don't need the money to cover living expenses, where should you stash that unneeded cash? Investors now need to start taking RMDs at age 73 or, if they were born after 1960, at age 75. Depending on the balances of […] The post Can I Use My RMDs to Transfer Money Into My Roth IRA? appeared first on SmartReads by SmartAsset.

  • Billionaire Bill Gates Has 51% of His Portfolio Invested in 2 Brilliant Stocks

    The Bill and Melinda Gates Foundation Trust outperformed the S&P 500 by a wide margin over the past three years, in part because of these two stocks.

  • ‘Seriously Underwater’ Home Mortgages Tick Up Across the US

    (Bloomberg) -- Roughly one in 37 homes are now considered seriously underwater in the US and that share is much higher across a swath of southern states, according to data out Thursday.Most Read from BloombergMicrosoft’s Xbox Is Planning More Cuts After Studio ClosingsAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackStormy Daniels Will Return to Court in Test of Trump’s DemeanorArm Slides as Tepid Outlook Fuels Concerns Over AI SlowdownNationally, 2.7% of homes carried loan ba

  • Morgan Stanley Predicts up to 110% Rally for These 2 ‘Strong Buy’ Stocks

    Uncertainty is the word of the day, in reference to the near-term economic future. Sentiment will hinge on the inflation numbers due out next week. March’s figure rose to 3.5%, and April’s job numbers showed a marked slowing in the labor market; that combination has stoked fears of stagflation. But – corporate earnings from Q1 are beating expectations, and the stock market has taken a turn for the better with the S&P 500 closing just below 5,200 yesterday. Economic strategists are still optimist

  • Ask an Advisor: Can a Nursing Home Take Our IRA? We Have a $100K IRA and a Trust to Protect Our Assets

    My wife and I are elderly. I have an individual retirement account (IRA) worth about $100,000, and we have a trust set up through our children to protect our assets. If one or both of us have to go into … Continue reading → The post Ask an Advisor: Can a Nursing Home ‘Take Our IRA?' My Wife and I Are Elderly. We Have a $100K IRA and a Trust to Protect Our Assets. appeared first on SmartAsset Blog.

  • Roblox Stock Is Plummeting After Earnings. Here’s What We Know.

    The videogame platform posted a narrower-than-expected quarterly loss and saw sales rise sharply from a year ago.

  • Roblox Stock Plunges On Firm's Weak Outlook. Investors Say 'Game Over.'

    Video game platform Roblox beat estimates for the first quarter but guided below views for the current quarter and full year. Roblox stock plummeted on the news.

  • Too many tractors: As boom times fade, farm equipment piles up

    Falling crop prices are leaving agriculture equipment sellers with an excess of unsold tractors and combines. The slower equipment sales are a knock-on effect of corn and soy prices dropping to more than three-year lows as U.S. farm income plummets and equipment makers and dealers are forced to pivot quickly after a period of booming business. Reuters interviewed ten equipment dealers, mostly in the Midwest, as well as farmers and analysts, who said low crop prices combined with persistently high interest rates are deterring farmers from purchasing machinery.

  • Here's Exactly When Social Security Recipients Can Expect Benefit Cuts, According to the Latest Trustees Report

    Social Security payments may be subject to cuts. Here's what the timing looks like.