is an Australian
company that was the world's largest provider of Early Childhood Education
services. It is listed on the Australian Securities Exchange
with its market capitalisation reaching A$
2.5 billion in March 2006. The company is now in administrative receivership
after fallout from the subprime mortgage crisis
caused debt repayments to overwhelm the company and the auditors failed to sign off on the financial reports citing the need to recast previous year's reported profits. ABC Learning is now operated by the not-for-profit syndicate GoodStart Childcare Limited.
ABC Developmental Learning Centres was founded in 1988 in Ashgrove, Brisbane, Queensland
. ABC rapidly expanded, reaching 43 childcare centres by 30 June 2001. By November 2005, it had 697 Early Childhood Education centres throughout Australia and New Zealand. In March 2006, it forecast that would have 950 centres in Australia and New Zealand by 30 June 2006.
It has purchased the third largest childcare operator in the United States- Learning Care Group Inc. which itself operates 467 centres in the US and other educational facilities in south-east Asia. The purchase provides the ABC Learning with 70,000 additional licensed childcare places in addition to the 50,000 it had previously. Other mergers with Peppercorn Management Group and the purchase of Child Care Centres Australia helped provide a considerable increase in the number of ABC's... Read More