Ed tech firms Gaotu, TAL and New Oriental have all said they will make "adjustments" in the wake of the policy change, with Gaotu announcing around 10,000 layoffs this week. Meanwhile, Italy-based Wall Street English will file for the bankruptcy of its Chinese business next week, Chinese state media reported. The company had already slashed the number of its schools in the wake of the pandemic from 71 to less than 30, with around 1,000 employees still on the payroll, the Global Times newspaper said.
"Some consumers have been complaining on social media platforms about problems on the company’s refund of tuition fees and most of them now are unable to contact customer service or sales representatives," the paper said.
The Beijing News confirmed the report on Thursday, citing an employee as saying: "It's true. There has been no official notification yet, and we are expecting one tomorrow or the day after."
