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Geos school chain files for bankruptcy

Geos Corp., a major operator of foreign-language schools, has filed for bankruptcy with the Tokyo District Court with debts of ¥7.5 billion, and rival G.communication Co. will take over some of the defunct company's schools, the two companies announced April 21.

Tokyo-based Geos said it suffered poor earnings with dwindling numbers of students amid the recession and consumer distrust toward the industry stemming from the failure in 2007 of another major language-school operator, Nova Corp. G.communication, which took over operations of some Nova schools, said it will do its best to secure employment for Geos employees.

Geos will close 99 English-language schools, while G.communication will take over 230 schools, according to the two companies.

The bankruptcy is due to Geos' persistent attempts at market expansion, despite industry figures showing the English-teaching market to be shrinking. (The Japan Times)

Shukan ST: April 30, 2010

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National News Geos school chain files for bankruptcy Geos Corp., a major operator of foreign-language schools, has filed for bankruptcy with the Tokyo District Court with debts of ¥7.5 billion, and rival G.communication Co. will take over some of the defunct company's schools, the two companies announced April 21. Tokyo-based Geos said it suffered poor earnings with dwindling numbers of students amid the recession and consumer distrust toward the industry stemming from the failure in 2007 of another major language-school operator, Nova Corp. G.communication, which took over operations of some Nova schools, said it will do its best to secure employment for Geos employees. Geos will close 99 English-language schools, while G.communication will take over 230 schools, according to the two companies. The bankruptcy is due to Geos' persistent attempts at market expansion, despite industry figures showing the English-teaching market to be shrinking. (The Japan Times) Shukan ST: April 30, 2010 (C) All rights reserved