Add GEOS to the list of eikaiwas that have gone bankrupt. GEOS filed for bankruptcy today, temporarily closing its schools until the 23rd when G.communication, the company that picked up the scraps when NOVA went bankrupt in 2007, will take over part of GEOS's business.
In GEOS's own press release (PDF), it cited the recession and the collapse of NOVA in 2007 as significant factor that harmed its business, leaving the company with debts totaling 7.5 billion yen as of the end of March this year.
And that's the end of GEOS. Not being privvy to its finances, it was next to impossible to say when the end would come, although the cynic in me wondered how the closure of its Australia schools could not affect business.
After the collapse of NOVA, the fall of GEOS is yet another point on the graph of eikaiwa's long decline. That g.communication will take over GEOS comes as a bit of surprise. Given the poor condition of the English language market, how much blood do they think they can realistically extract from the eikaiwa stone?