BYJU’S has been sending notices for termination of lease contracts for its tuition centres, and this move is likely to result in it shutting 120 centres
In the termination notice, accessed by Inc42, BYJU’S parent Think & Learn attributed the decision to changing business priorities
The embattled edtech firm is planning to close a majority of these tuition centres by August 31
In yet another cost-cutting exercise, beleaguered edtech giant BYJU’S is likely to shut nearly half of its 250 BYJU’S Tuition Centre (BJC).BYJU’S parent, Think & Learn Pvt Ltd, has sent termination notices for tuition centres in Mohali, Lucknow, Meerut, Ghaziabad, Indore, Ranchi, among others, over the last few days, the sources said.Inc42 also accessed some of the notices sent for the termination of lease contracts. In the notices, Think & Learn attributed the move to changing business priorities.“Many employees who have been keeping the operations alive, including those at the senior positions, have been paid only half of their salaries since February this year. That too was stopped from May onwards and the management kept communicating that as soon as they will have access to the funds via the rights issue, the dues will be paid. However the management is incommunicado now and people are leaving the organisation,” one of the sources told Inc42.
In a bid to control its expenses amid the ongoing cash crunch and legal troubles, the company has started sending notices to the head of its tuition centres for terminating lease contracts of the centres. The move is likely to result in it shutting 120 offline centres, sources told Inc42.