In mid-August, the language travel company STS Education went bankrupt after being hit hard by the effects of the corona virus. Now the business is reviving in a new company with real estate billionaire Erik Selin as the new owner.
STS themselves state that they were on track for their best year in a long time before the corona pandemic took hold. The extensive consequences that the virus spread had on the travel industry meant that STS Education lost approximately two-thirds of its turnover in 2020. The company therefore filed for bankruptcy for its Swedish company earlier in August. Now it is clear that the business will be revived and resumed immediately.
”"The investments made in new technology, digital tools and updated expertise had really started to pay dividends and are something that we can now bring into the new company," the company writes in a press release.
In collaboration with the previous owners, businessman and Balder CEO Erik Selin has now joined as a co-owner. In addition to the potential in the development of the STS Education business in recent years, STS states that Erik Selin sees ”advantages in promoting international studies”.
STS also announces that customers in Sweden who canceled their trip before August 11 will receive a refund from the new company.
Source: di.se
