Lowe’s, Woolworths in court

SYDNEY — Lowe’s has taken former partner Woolworths to court over the dissolution of their joint venture, Masters Home Improvement. The American retailer, which owned a one-third stake in the venture, is seeking an order from the Federal Court of Australia appointing a liquidator to oversee the winding down of the doomed hardware chain. Woolworths, which is accused of acting in “bad faith”, has said in a statement that it has not yet been served with any court documents in the matter. Anton Tagliaferro, director of Investors Mutual, explains that the source of Lowe’s complaint seems to be the low sale price Woolworths has negotiated, adding that the winding down of the venture will be “postponed for months” as the case continues.