Just a brief update on the Nova story from two or so weeks ago: The company has filed for protection against its creditors here in Japan, confirming what everyone feared: Nova is on its very last legs. Not last on the list of creditors are the some 4,500 foreign teachers here and all of the Japanese staff (some of which haven’t been paid since JULY!).
I walked past the Nova in my little city here today to find the shutters down and hastily pasted signs on them saying that the branch had closed and a number to call: a free phone number, so lord knows how many hours people will have to wait, or rather be made to wait to make their claims for refunds. Of course if customers with outstanding credit with Nova are counted among the creditors from whom Nova is to be protected, then we really are in trouble. Not only Nova, but the whole business of foreigners teaching in Japan is going to be hit with a lack of confidence, as well as a surplus of teachers and falling wages.
**UPDATE** According to the Times (nice to know I’m so on the button eh? – bringing you the news after it hits Britain!, and then courtesy of my brother in France) but not only my local Nova has closed, but EVERY Nova in Japan. That is a lot ladies and gents. But then, so is the 210 million quid that the company owes.
