There's a chain of English conversation schools in Japan called "Nova". Or at least, there was. It declared bankrupcy on Friday, and all thousand branches of it were shut. That's gonna leave a lot of gaijin without jobs -- not that the job was any prize, what with no vacation and low pay and missing paychecks.

On Thursday 25th, a finance deal with two foreign funds to save the company in its current form fell through, and in the wee hours of the 26th, the three remaining board members fired the founder and CEO Nozomu Sahashi (猿橋 望), who was absent from the meeting and did not even have the offer of a chance to put in a word of defense for himself.

The rest of the article is excellent, and describes a long painful slide into commercial death.

Posted by: Steven Den Beste in linky at 08:15 PM | Comments (1) | Add Comment
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