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September 29, 2008

Gateway21 Goes Bankrupt Owing 12 Million Dollars

Major Japanese study abroad agency Gateway21 has gone bankrupt owing over 12 million dollars. The company shut its doors without warning on September 29th and closed its website -- leaving an estimated 1800 customers without their promised study trips overseas. Of the 12 million dollars owed, it is thought that 9 million dollars was to individual customers.

The company was founded in 1997 and had annual sales of around 28 million dollars.

Visit Nikkei Net (in Japanese)

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