64 foreign schools "apply" to close down in Shanghai

A rather mysterious article in the Shanghai Daily, that quotes an official of the Shanghai Educational Commission who says that 64 educational program between foreign schools and local partners have "applied" to close down because they do not meet the quality standards.
Foreign schools, especially business schools, have entered the market, believing that it was a very lucrative one. Competition might have killed that market.

Most of the closed schools were facing financial difficulties before failing an annual assessment and being told to make changes of shut down, according to the commission.