Wall Street English, an Italian international adult English training company, will reportedly announce the bankruptcy of its Chinese business. The head of its North China branch has already informed directors of its learning centers about the decision.
The bankruptcy announcement comes after China ramped up measures to clamp down on the private tutoring sector. Although most measures are targeted at regulating K12 education companies, niche industries on adult and vocational education are also seeing a freeze as capital withdraws.
The directors of branch schools are also urged to inform employees to submit their resignation as soon as possible, the report said.
Wall Street English was founded in Italy in 1972. It entered the Chinese market in 2000 and has opened 71 learning centers in 11 Chinese cities, hiring over 3,000 staff in its peak time. But now, less than 30 schools are still running, with around 1,000 employees left.
