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Friday, Oct. 15, 2010

50 Geos branches will be renamed


Staff writer

Nagoya-based investment fund Inayoshi Capital Partners said Thursday that about 50 of its 167 Geos foreign-language school branches will be renamed Nova X Geos after November.

ICP also said it will close down about 20 Geos branches whose business areas are overlapping with those of Nova.

The company said students of those schools will be relocated to the nearby Nova schools or receive lessons via Nova's unique video-phone system.

Subsidiary G.education Co. "made a comprehensive judgment" on the chain's operations, ICP spokeswoman Namiko Kameyama said.

ICP acquired G.education, which operates Nova and Geos, earlier this month from G. communication Co.

G.communication took over the operations of Geos six months ago, after the chain filed for bankruptcy with net debts of ¥7.5 billion.

The corporation purchased Nova in 2007 after that chain went bankrupt.

Foreign-language schools have been suffering declines in sales and enrollment.



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