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Hoser
Joined: 19 Mar 2005
Posts: 694
Location: Toronto, Canada
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 Posted: Thu Oct 25, 2007 11:55 pm Post subject: Nova closed today? |
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| I just got an email from my AT saying that Nova is closed for today and to not bother going in. |
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Temujin
Joined: 14 Sep 2005
Posts: 90
Location: Osaka
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| Posted: Thu Oct 25, 2007 11:56 pm Post subject: |
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| Turn on the news. They went bankrupt. |
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Apsara
Joined: 20 Sep 2005
Posts: 2142
Location: Tokyo, Japan
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| Posted: Fri Oct 26, 2007 12:04 am Post subject: |
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| Fuji TV says that all branches will be temporarily closed from today. According to news reports posted in Lets Japan, at midnight meetings last night 4 board members voted to oust Saruhashi and start corporate reorganisation, i.e. bankruptcy proceedings. Finally. It will be interesting to see what happens from here. At least all those poor teachers and Japanese staff who were still going in to work for free can stop now... |
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Mahik
Joined: 12 Sep 2007
Posts: 89
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| Posted: Fri Oct 26, 2007 1:01 am Post subject: |
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| Any news postings on this? Does this mean that Nova has a future or that it just gave-in and faced the facts instead of trying to draw things out? |
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Apsara
Joined: 20 Sep 2005
Posts: 2142
Location: Tokyo, Japan
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| Posted: Fri Oct 26, 2007 1:07 am Post subject: |
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Have a look at www.japantoday.com - it's the first article in the business section. They have no assets, more than 50 billion yen in debt and a shattered brand image- I don't see how they could possibly return to anything like their previous level of operation. I think the directors who made the decision knew that Saruhashi would never take the final step so they stepped in and brought about the inevitable themselves.
Last edited by Apsara on Fri Oct 26, 2007 1:07 am; edited 1 time in total |
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GambateBingBangBOOM
Joined: 04 Nov 2003
Posts: 2021
Location: Japan
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| Posted: Fri Oct 26, 2007 1:07 am Post subject: |
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http://www.japantoday.com/jp/news/420582
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OSAKA � Japan's largest language school chain, Nova Corp, filed for court protection from creditors Friday under the Corporate Rehabilitation Law as the scandal-tainted company gave up on trying to turn itself around.
With debts estimated at 43.9 billion yen as of the end of July, Nova said it has applied for the protection with the Osaka District Court and pledged efforts to find a sponsor for its rehabilitation under the supervision of a preservation administrator to be appointed by the court.
Following the company's announcement, the Jasdaq Securities Exchange said it would delist Nova's shares on Nov 27.
The company, offering mainly English conversation classes, said it has shut down operations at all of its nearly 900 schools.
Nova President Nozomu Sahashi, who owns a 16% equity stake in the company he co-founded in 1981, is nowhere to be found.
The company, with an estimated 400,000 students, said he was dismissed from the board as of Thursday for failing to provide an adequate explanation for his "opaque way of fund-raising and negotiating with potential business alliance partners."
The company is jointly represented by three board members, including Anders Lundqvist, the company's other co-founder, it said.
sought court protection as the Osaka Central Labor Standards Supervision Office and Nova's employees are turning up the heat on the company over its non-payment of salaries.
A union representing non-Japanese instructors working for Nova has said the firm has delayed wage payments to some 2,000 Japanese employees since July and to about 4,000 non-Japanese instructors since September. October wage payments have been delayed indefinitely beyond the scheduled payment date of Oct. 15.
Nova's current plight began when it was discovered that it had lied to consumers in advertising about its services. The Ministry of Economy, Trade and Industry subsequently ordered it in June to suspend some of its business operations. Since the scandal surfaced, student enrollment has declined sharply.
On Thursday, Nova said four of its seven-member top management team have tendered their resignations. Among the four is Lundqvist, who founded the company with Sahashi. The others are one full-time auditor and two part-time auditors, according to Nova. |
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Hoser
Joined: 19 Mar 2005
Posts: 694
Location: Toronto, Canada
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| Posted: Fri Oct 26, 2007 1:07 am Post subject: |
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| Dropped into Nova today. They are indeed closed. Talked to some of the staff. They were putting some signs on the door and then leaving. I don't blame them though. I can't believe Nova wouldn't at least have the decency to call students who had booked lessons today and tell them that their lesson was cancelled. |
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Apsara
Joined: 20 Sep 2005
Posts: 2142
Location: Tokyo, Japan
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| Posted: Fri Oct 26, 2007 1:09 am Post subject: |
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Yep, that's the article! Thanks, Gambatte BBB.
I can believe that Nova wouldn't have the decency to call students- they aren't exactly renowned for their ethics, are they. |
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Hoser
Joined: 19 Mar 2005
Posts: 694
Location: Toronto, Canada
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| Posted: Fri Oct 26, 2007 1:59 am Post subject: |
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| Well, from all the posts I've read on here over the years about such matters, it seems to be more of a Japanese thing (although I suppose such things happen in Canada as well-I've never been exposed to it though). |
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southofreality
Joined: 12 Feb 2007
Posts: 579
Location: Tokyo
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| Posted: Fri Oct 26, 2007 2:00 am Post subject: |
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I used to work for NOVA a few years back. The school I was at was thriving at the time and I didn't think of things playing out like this in a few short years.
I hope Sahashi, Sarumonkey, or whatever the hell that cowardly shyte calls himself has already offed himself beside a long letter of apology. If not, let's cross our fingers that he'll be strung up.
Indeed, a tragedy this isn't (The company created its own problems). But, I do feel for everybody involved and wish you guys good luck. |
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AgentMulderUK
Joined: 22 Sep 2003
Posts: 360
Location: Concrete jungle (Tokyo)
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| Posted: Fri Oct 26, 2007 2:47 am Post subject: |
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| Good riddance to bad rubbish. |
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scorchio
Joined: 14 Jun 2006
Posts: 36
Location: Sydney
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| Posted: Fri Oct 26, 2007 3:30 am Post subject: |
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http://www.abc.net.au/news/stories/2007/10/26/2071245.htm?section=justin
This article implies that they are still trying to avoid bankruptcy. I'll state the obvious and say that it all seems rather futile at this point. They should have ousted their president a looooong time ago.
Good luck to all the Nova teachers out there - you're free now! run away! |
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The Dog Ate My Keitai
Joined: 24 Aug 2005
Posts: 67
Location: Japan
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| Posted: Fri Oct 26, 2007 3:38 am Post subject: |
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| Hoser wrote: |
| Well, from all the posts I've read on here over the years about such matters, it seems to be more of a Japanese thing (although I suppose such things happen in Canada as well-I've never been exposed to it though). |
Don't you remember the bar/grill chain Don Cherry's (in Canada)? One day all the employees reported to work only to find the doors locked... And that was it. (Unfortunately) this transcends nationality.
Actually, I'm not sure if all the restaurants closed or not, but the one in my city certainly did. Abruptly. Without any warning. Even the employees were in the dark. |
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groothewanderer
Joined: 14 Sep 2007
Posts: 33
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| Posted: Fri Oct 26, 2007 3:42 am Post subject: Re: Nova closed today? |
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| Hoser wrote: |
| I just got an email from my AT saying that Nova is closed for today and to not bother going in. |
You have been going to "work"?   |
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Hoser
Joined: 19 Mar 2005
Posts: 694
Location: Toronto, Canada
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| Posted: Fri Oct 26, 2007 3:56 am Post subject: |
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| The Dog Ate My Keitai wrote: |
| Hoser wrote: |
| Well, from all the posts I've read on here over the years about such matters, it seems to be more of a Japanese thing (although I suppose such things happen in Canada as well-I've never been exposed to it though). |
Don't you remember the bar/grill chain Don Cherry's (in Canada)? One day all the employees reported to work only to find the doors locked... And that was it. (Unfortunately) this transcends nationality.
Actually, I'm not sure if all the restaurants closed or not, but the one in my city certainly did. Abruptly. Without any warning. Even the employees were in the dark. |
Oh Don, how could you??? I'll never watch another episode of Coaches Corner until next week! |
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