Snow Brand Foods Co. shareholders approved a management proposal Friday to dissolve the scandal-hit firm next week, entrusting the company's president and five other board members with the task of winding up remaining business.
Under the proposal, the dissolution will occur Tuesday.
"We have judged it is impossible to reconstruct the company as it has become difficult to tie up with other companies," Snow Brand Foods President Koshiro Iwase told a group of around 90 shareholders at the start of the two-hour extraordinary meeting. "We apologize deeply for causing annoyances as a result of those product mislabeling incidents."
Iwase took over as president in February, when Shozo Yoshida resigned to take the blame for a string of deliberate food-mislabeling scandals.