New Oriental, one of the largest after-school tutoring companies in China, let go of 60,000 staff and incurred nearly $3.1 billion of expenses in 2021 after a regulatory crackdown on the sector
New Oriental Education & Technology Group Inc., one of the largest after-school tutoring companies in China, let go of 60,000 staff in 2021 after a drasticThe company also incurred nearly 20 billion yuan, the equivalent of $3.
1 billion, of expenses, company founder and Chairman Michael Yu said in a Saturday post on a personal social-media account. The costs covered returning prepaid tuition, severance payments and breaking leases on existing teaching space.
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