Benihana Family Fighting; Future Looks Uncertain (BNHNA)

According to a New York Post article, the future of Japanese steakhouse Benihana BNHNA is up in the air. Founder Rocky Aoki's children, who control 38% of the common shares in the business, are battling with Rocky's third wife Kelko. According to the report, both factions are also at odds with management over their inability to budge the stock price. The company reported a loss of $8.9 million for the fiscal year ended March 28 versus a loss of $5.1 million the previous year. Sales grew by 2.6 percent, but comparable-store revenues at Benihana eateries slipped 7.9 percent. The kids, including actress Devon Aoki, are among two groups of shareholders who are seeking board seats. Kelko, Mr. Aoki's widow, is also trying to wrest control of the kids' stake which is held in a trust called Benihana of Tokyo.