Saturday, October 27, 2007

NOVA Closes Shop

NOVA appears to have gone belly up. The company has filed for government protection under Japan's Corporate Rehabilitation Law.

The official line is that NOVA is in the red to the tune of about 44 billion yen, but Japan Economy News' Ken Worsley estimates that the company's debt is even more astronomical (perhaps as high as 55 billion yen).

This picture was taken at the Takadanobaba branch at about 5 p.m. today. The customers in the picture were somewhat taken aback that the end had finally come. I heard several comments about how many "points" and how much money (thousands of dollars) had been lost.

"So is the money gone?" they asked somewhat rhetorically. At least the questions seemed rhetorical.

I wish that I had had information about a class action lawsuit that was underway to give them.

Is there one?

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