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southofreality
Joined: 12 Feb 2007
Posts: 579
Location: Tokyo
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 Posted: Tue Sep 18, 2007 12:31 pm Post subject: |
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Thanks, Chris.
You're the only one who understands me.  |
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southofreality
Joined: 12 Feb 2007
Posts: 579
Location: Tokyo
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| Posted: Tue Sep 18, 2007 12:40 pm Post subject: |
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| gaijinalways wrote: |
SR posted
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Nope. Whole industry's goin' to hell. Forget Japan. Try Korea.
Good luck |
Funny that someone who came to Japan recently and is working in Japan would say that. 
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I guess three and half years ago would be considered recent to some old-timers. But, not to worry, I have nothing but the utmost respect for my elders.
Anyone who had read my earlier post in this thread would have known that I was being facetious. |
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Mahik
Joined: 12 Sep 2007
Posts: 89
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| Posted: Tue Sep 18, 2007 4:50 pm Post subject: |
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| Is it really that clear that Nova is going down? From what I've read they're in a bit of trouble with scandals and government restrictions but the restrictions really didn't affect them much. And besides their loss of revinue, Nova still owns several billion yen worth of real estate. At worst it seems that there would be a restructuring with perhaps some layoffs but it doesn't seem like Nova is on the verge of collapse. Unless of course the owners want to just make off with as much money as possible which doesn't seem to be the case atm. Or am I missing somthing? It seems like the situation is being made out to be more dire than it actually is. |
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Abider
Joined: 15 Jul 2007
Posts: 5
Location: Kanto
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Apsara
Joined: 20 Sep 2005
Posts: 2142
Location: Tokyo, Japan
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| Posted: Tue Sep 18, 2007 11:37 pm Post subject: |
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| Mahik, when companies can't pay their staff on time (last month the Japanese staff, this month even the teachers), it usually means they are in dire straits. I really don't see how they can make a comeback from this situation. |
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southofreality
Joined: 12 Feb 2007
Posts: 579
Location: Tokyo
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| Posted: Wed Sep 19, 2007 12:55 am Post subject: |
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| Mahik wrote: |
| Is it really that clear that Nova is going down? From what I've read they're in a bit of trouble with scandals and government restrictions but the restrictions really didn't affect them much. And besides their loss of revinue, Nova still owns several billion yen worth of real estate. At worst it seems that there would be a restructuring with perhaps some layoffs but it doesn't seem like Nova is on the verge of collapse. Unless of course the owners want to just make off with as much money as possible which doesn't seem to be the case atm. Or am I missing somthing? It seems like the situation is being made out to be more dire than it actually is. |
At this point nobody is offering clear evidence that NOVA is finished, but the situation is grave. There shouldn't be any misunderstanding about that. If you can believe some of what is being posted at GaijinPot, you might feel that things are definitely dire.
The scary thing is that NOVA can't just close up shop and cut it's losses because it owes way too much money. Its liabilities may be catching up to its assets. If that's the case, they'll have to wait until things reach a threshold point and then declare bankruptcy. Thus, nobody can be sure if that point will be reached very soon or a while down the road, if at all. I'm not a financial or legal expert, but I'm pretty sure things would be worse for NOVA if it closed or declared bankruptcy before reaching this threshold point. It's hard to believe there's any optimism at the head office, especially since Mr. Saruhashi, or whatever his name is has been missing in action since before the late salary payment news. |
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stillnosheep
Joined: 01 Mar 2004
Posts: 2068
Location: eslcafe
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| Posted: Wed Sep 19, 2007 5:06 pm Post subject: It's over for Nova |
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It's over for Nova.
They are closing branches left, right and centre. They have no money to pay salaries on time.
They have only got through the last few months by not paying rent for many of the thousands of apartments they rent for teachers, not paying rent for branches, not paying suppliers and not paying their advertising bills.
Now their suppliers are refusing to supply, nobody will take their advertising unless it is prepaid, and they, and their teachers, are receiving eviction notices from the owners of their their branch premises and apartments.
They have been late paying Japanese and teaching staff for two successive months, they are 5 months late paying their summer bonuses. Their overseas offices are advising prospective employees not to fly to Japan (their overseas employees have also not been paid).
How much more do you need. Get out now and demand your 2 weeks money owed. NOVA must pay within 4 working days of you quitting, by law. They are not allowed to tell you to wait to your next payday for the cash, by law.
If you keep working you will be owed 6 weeks wages by October 15th.
You won't get it.
Get out.
Get out now. |
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Hoser
Joined: 19 Mar 2005
Posts: 694
Location: Toronto, Canada
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| Posted: Wed Sep 19, 2007 11:50 pm Post subject: |
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| That's potentially good advice stillnosheep but how about posting your sources to back up those claims? |
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southofreality
Joined: 12 Feb 2007
Posts: 579
Location: Tokyo
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| Posted: Thu Sep 20, 2007 3:22 am Post subject: |
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Getting out now is not really an option for most teachers. They're relegated to playing the waiting game. It sucks, but short of packing up and going home, most have no choice.
Sure, if you've got another job in hand, leaving, IMO, is the best thing to do. If that's not the case, aggressively searching for another job before NOVA closes its doors (nobody has any concrete ideas about when this will happen - there's a slight chance it may not) is the best thing you can do for yourself.
If you're new at NOVA and are feeling isolated and helpless because of all this, feel free to drop a comment at my website. Maybe I can hook you up with some links to useful resources or just provide a place to vent your frustrations. |
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Hoser
Joined: 19 Mar 2005
Posts: 694
Location: Toronto, Canada
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| Posted: Thu Sep 20, 2007 2:36 pm Post subject: |
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| Yeah I really feel sorry for the new nova teachers who have been here for less than a month (we have someone new coming possibly next week). I've been working at NOVA for 2 1/2 years and have quite a sizeable treasure chest saved up. I was actually planning on quitting after Christmas and just bumming around for 6 months mainly studying Japanese. The new people on the other hand (and probably most of the NOVA teachers who live from paycheck to paycheck) won't have an easy time of it. |
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gaijinalways
Joined: 29 Nov 2005
Posts: 2279
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| Posted: Thu Sep 20, 2007 4:50 pm Post subject: |
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Sorry southofreality, I think I confused you with EvaPilot who arrived more recently.
And yes, sarcasm doesn't always go over well on the net (somehow I think we discussed this already, must be deja vu....  )
I think Nova is fragmenting, may take some time to sink though. As to going to Korea..... |
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southofreality
Joined: 12 Feb 2007
Posts: 579
Location: Tokyo
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| Posted: Fri Sep 21, 2007 2:25 am Post subject: |
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| No problem. And, you know me... A post without sarcasm.... never! Well, not never but... |
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