Lowe's seeks to wind up venture with Woolworths

Sydney

LOWE'S Cos asked an Australian court on Monday to appoint a liquidator to wind up its home-improvements business with Woolworths Ltd, accusing its partner in the venture of "oppressive" and "prejudicial" behaviour.

Woolworths last week announced a three-step plan to quit the unprofitable Masters hardware division, formed with Lowe's in 2009, including a proposal to sell 82 properties and development sites that still needed the US company's approval.