Mr. Nguyen Ngoc Thuy, Chairman of the Board of Directors of Egroup, recently said that the Apax Leaders English system has been initially successful in restructuring. "Not only have old students returned and paid fees, but many new parents have also enrolled their children to study," Mr. Thuy shared in an online report to investors about the restructuring activities organized by Egroup on the morning of May 26.
Leaders of Egroup and Apax Leaders answered questions from investors in an online meeting this morning. From left: Mr. Nguyen Anh Tuan, CEO of Apax Leaders; Mr. Nguyen Ngoc Thuy, Chairman of the Board of Directors of Egroup; Ms. Nguyen Doan Kim Son, Head of Egroup's restructuring advisory board
Mr. Thuy also pointed out three main goals to restore Egroup: steadfastly investing in education, creating a working environment with income, and most importantly, having to resume operations to have cash flow, accumulate finances to repay investors. "To do this, we will focus on restructuring educational brands, starting with Apax Leaders, then comprehensively across the entire group system," said Mr. Thuy.
According to research, besides Apax Leaders, Egroup also manages a number of other educational brands such as the STEAMe GARTEN kindergarten system in provinces and cities, Apax Franklin English Academy, Englishnow online English learning program...
Regarding the detailed information about the restructuring roadmap of Apax Leaders up to now, Mr. Nguyen Anh Tuan, CEO, said that there are 34 centers operating nationwide with more than 12,000 students, however, the class occupancy rate has not reached 50%. Previously, on the official website, Apax Leaders said that there were more than 120 centers nationwide with about 120,000 students who have studied and are studying.
No longer aiming to reopen 79 centers in 2023 as announced in February, Mr. Tuan said that Apax Leaders will now focus on reopening a total of 48 facilities nationwide if conditions are favorable, and hopes to achieve the target of 133 branches operating by 2026. By 2029, this unit expects to attract more than 58,000 students to study at the centers.
Of the 34 centers that Apax Leaders said had reopened, three were in Ho Chi Minh City, including Apax Him Lam (District 6), Apax Le Duc Tho (Go Vap District), and Apax Phan Xich Long (Phu Nhuan District). However, the Ho Chi Minh City Department of Education and Training announced on April 26 that it had decided to suspend the operations of 40 Apax facilities in the city, including Him Lam and Le Duc Tho.
The education service information page of the Ho Chi Minh City Department of Education and Training also updated the status of 41 Apax Leaders English centers. As of today (May 26), 39 centers are still in a state of temporary suspension of operations, one center located on Nguyen Thi Minh Khai Street, Ward 2, District 3 has been dissolved.
Apax Leaders expects to reopen a total of 133 centers by 2026
Also related to the issue of tuition refunds, Apax Leaders issued a document on May 12 stating that it "will not resolve any single case of fee withdrawal during the system consolidation phase", but did not specifically mention when.
Previously, in April, Apax Leaders committed to parents in a meeting in Ho Chi Minh City that it would self-standardize data on fees and remaining lessons, and contact each parent to confirm, with a deadline of May 31. After that, the company divided parents into 2 groups: those who had signed and those who had not signed the tuition refund minutes with the former representative of Apax Leaders. Group 1 will be paid in 3 installments starting from June 9, while group 2 will receive tuition in 5 installments, the last installment in April 2024.
Apax Leaders Phan Xich Long facility is currently the only center licensed to operate by the Department of Education and Training of Ho Chi Minh City.
In the past, Apax Leaders always used the excuse of closing the centers to "restructure", repeatedly promising and then postponing the payment deadline of billions of dong in tuition debt, making parents angry. In that context, the Office of the Ministry of Public Security's Investigation Police Agency in Ho Chi Minh City and the Economic Police Department, Ho Chi Minh City Police also received hundreds of complaints from parents against the Apax Leaders English system.
Will Apax Leaders cooperate with other units?
Sharing more about Apax Leaders' upcoming operation plan, Ms. Nguyen Doan Kim Son, Head of Egroup's restructuring advisory board, said that in addition to reopening the old facility, the company can find other ineffective English centers to support or rent. "We can attach Apax Leaders to the partner's brand so that both sides can spread value," Ms. Son stated her opinion.
Source link
Comment (0)