Ootoya reshuffles management after Colowide's hostile takeover bid

Ootoya Holdings Co., operator of the struggling Japanese-style set-menu eatery chain, reshuffled its management Wednesday as part of turnaround efforts, heeding the proposal of its major shareholder Colowide Co., which succeeded in a hostile takeover bid of the chain.At an extraordinary shareholders' meeting, Ootoya's shareholders approved the request by Japanese restaurant and bar chains operator Colowide to dismiss 10 of 11 board members including President Kenichi Kubota, with Masaya Yamamoto the only board member to retain his position to ensure a smooth handover of management.The Yokoh…READ FULL ARTICLE