Woolworths’ US partner Lowe’s has written down the value of its stake in Masters by $US530 million.
Photo: David Mariuz
US retailer Lowe’s has set the scene for legal action against Woolworths after writing down the value of its 33 per cent stake in their home improvement joint venture by $US530 million ($737 million).
Lowe’s booked a $US530 million charge against its investment in the Masters and Home Timber and Hardware businesses overnight, sending bottom line profits plunging to $US11 million from $US450 million.
Lowe’s net investment in the home improvement is about $US930 million ($A1.33 billion at…