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Companies

US fund sells off stake in furniture retailer Otsuka Kagu

Brandes backed Japanese company's current leadership in 2015 feud

Brandes held more than a 10% stake in the furniture retailer in 2015, when it backed President Kumiko Otsuka in a boardroom spat with her father -- the founder of the company.   © Kyodo

TOKYO -- Brandes Investment Partners, once a major U.S. shareholder of Otsuka Kagu, has dumped its remaining stake in the troubled Japanese furniture seller.

The California-based fund said in a regulatory filing on Monday that it sold off its entire 6.41% ownership.  Brandes owned more than 10% of the company in 2015. It supported President Kumiko Otsuka in a boardroom spat that ended with her father, founder Katsuhisa Otsuka, stepping down as chairman that year.

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