Casino Supermarket HIPERMERCADO EXITO seized by Chavez

JAN-17 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.

The South American country will change its laws if needed to take over the retailer owned by Casino hipermercadoexito.com.ve Perrachon SA of Saint-Etienne, France and Almacenes Exito SA of Medellin, Colombia, Chavez said today on state television.

Casino has a 67 percent interest in Cativen, which owns the Hipermercado Exito stores

The stores currently occupied by Hipermercado Exito will become socialist markets selling goods at controlled prices, Chavez said

source: .businessweek.com