Jan. 17 (Bloomberg) -- Venezuela will expropriate stores from Almacenes Exito SA, Colombia’s biggest publicly traded retailer, for alleged violations of the law, President Hugo Chavez said.

The South American country will change its laws if needed to take over stores belonging to the Medellin, Colombia-based company, Chavez said today on state television.

“How long are we going to let them come here and do this,” Chavez said. “I order that we develop a dossier and prepare a new law to take over the chain Exito.”

Chavez’s government closed four Exito outlets Jan. 12 for a day because the company allegedly increased prices following a currency devaluation. The closures didn’t have a financial effect, the company said at the time.

No one answered two calls outside of business hours to the office of Gonzalo Restrepo, president and chief executive officer of Exito.

To contact the reporter on this story: Steven Bodzin in Santiago at sbodzin@bloomberg.net.

Last Updated: January 17, 2010 15:08 EST