Wall Street English To Declare Bankruptcy
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Wall Street English, one of the world’s leading English language training centers, will announce the bankruptcy of its Chinese business next week, marking another sign of just how deep China's after-school tutoring reforms have gone.
Last night, Aug 12, news of the bankruptcy was reported by Global Times. As of today Wall Street English has not made an official statement on how the termination of its staff and refunds for its students will proceed. However, principals at Wall Street English have already been instructed to go through termination procedures with their current employees.
The decision is another blow to the industry, as China continues tightening restrictions on the private tutoring sector.
According to a report by yicai.com, directors of Wall Street English branches are urging their employees to submit their resignation as soon as possible. As of now, it’s still unclear how the company will compensate its employees.
Wall Street English centers have been a fixture in malls and shopping centers all over China, and for years, they were operating efficiently. Known for its expensive but clearly structured curriculum, Wall Street English has long been a trusted brand for English training for professionals in China.
Established in 1972 in Italy, the company has over 3 million alumni around the world and over 180,000 students currently enrolled in its programs. It operates using a franchise model in 28 different countries.
The company rebranded in 2013, changing its original name – Wall Street Institute – to Wall Street English, however, its goal remained the same: offering students of every level immersive English environments where they could improve their language skills.
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Images: Wall Street English
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