NOVA Corp is the Japan’s largest English conversation school chain. And for those who teach English in Japan and are employed by Nova I say… DOH! I read the news back in April of 2007 when Nova got busted for breaking the law (they refused to refund tuition fees to students who canceled their contracts.) And recently people have not been getting paid for their work. Today things have gotten worse and Nova has filed for protection from the courts.
I wonder what this means for current employees and their work visas. Not only that but if an employees income stops or is slowed it could mean trouble for their living expenses. Damn.
Check out the news from Yahoo
Nova Corp , the largest operator of English language schools in Japan, said on Friday that it has filed for court protection from creditors amid efforts to turn around its business.
Following the company’s announcement, the Jasdaq Securities Exchange said it would delist Nova’s shares on Nov. 27.
Nova, which operates over 900 schools in Japan, posted net losses for the past two business years and said it held a total 43.9 billion yen in debt as of July.
More on this:
Aussie teachers lose jobs in Japanese school shutdown
Google News
Nova applies for court protection from creditors; president missing, 4 execs resign
Scandal-tainted school Nova granted court protection from creditors
Are you ready Starting November 20th 2007 Japan will start to fingerprint and photograph people entering Japan. The fingerprints, photographs and other biometric data of foreign visitors will be stored in a computer for cross-checking with a list of wanted criminals and people who have been deported in the past. Investigative authorities will have access to the data.
Wal-Mart is in Japan. I couldn’t believe it and recently I’ve spotted the “GreatValue” brand that’s owned by Wal-Mart in a few grocery stores here. Sure the brand is generic but they sure do rack the price up here in Japan vs. the United States GreatValue price (uber lame!). I just read that Wal-Mart got into the Japan market back in 2002 and owns 50.9% of the struggling Japanese copmany Seiyu. Wal-Mart said it would offer 140 yen per Seiyu common share with the goal of taking full ownership of this drowning company. That would be about $878 Million. Let’s convert to yen as of the current currency conversion rate…