Six Exito supermarkets have been occupied by Venezuelan officials and workers just days after Chávez announced the chain would be expropriated.
Exito, which owns almost a dozen stores and several warehouses, has been engaging in price speculation in an effort to accumulate wealth off of the country’s devaluing currency. The chain is majority-owned by Casino Guichard Perrachon SA, based in France.
Chávez said he will wait until lawmakers approve legislation that will permit the expropriation of companies that artificially raise prices. As a result of the practices which the law will prohibit, Venezuela has seen inflation rise as high as 25 percent. The legislation, expected to pass in February, will target transnational corporations and businesses charging exceedingly high prices for goods such as food and domestic appliances.
The week prior to the announcement of the expropriation of Exito, soldiers and government inspectors closed more than 1,000 retail stores for 24 hours for carrying out price hikes.
