My husband went on a tour of the school in December and was told/shown that they have a 'naughty chair', in a corner no less. Maybe it's not a formal time out, but then it's also unclear who decides and for which reasons kids have to sit in a shame corner...
I stopped by in Feb and passed through the playground. One child was made to sit on the bench next to the small field. When I left a few minutes later, the teachers were talking about letting him get up and telling him, "he better follow the rules next time."
I was not there for the whoe thing so can't assume anything about why or how long, but didn't like the time out feeling. But that's what I mean by time out.