SINGAPORE - The island's largest private childcare provider, Cherie Hearts, has run into financial trouble.
Its main holding company, Cherie Hearts Group International, was put under receivership on Tuesday, after defaulting on a loan from its parent company, G8 Education.
The operator owns 18 centres in Singapore and has another 52 franchised outlets. There are also 18 centres in China, India, Indonesia, Malaysia and South Korea.
To the relief of some parents, G8 Education said operations at the childcare centres here will not be affected and that expansion plans will go head.
One parent who only wanted to be identified as Jennifer, said: "My greatest concern is the welfare of the child. If I have to find another childcare centre suddenly, it would mean disrupting a schedule they're already used to."
ORIGINAL SOURCE
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