Another bad sign for edmc. CEC could not find a buyer. Gainful employment wasn't stopped, the 100m fine, they need to pay bond holders..... Hanging by a thread.
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Todd Nelson ran another one into the ground. Take the $ and run
Let's hear the excuses... I need a good laugh!!!!!
Le Cordon Bleu was a much smaller system than AI. Expect AI teachout to be announced in 2016. Yes, LCB was competition in some markets but those markets are saturated and have many other options for culinary. Kendell College in Chicago is excellent and Seattle's community colleges put any AI to shame. Being thrilled that a competitor fails is another example of EDMC's short sided vision. The quality isn't there and they are dependent on lobbyist and corruption to stay in business.
Less competition for AI now. Not to mention to the OP, the $100MM fine was a GOOD thing. A drop in the bucket compared to $33BB.
goodbye Ai culinary first, sure, but the rest of the programs are going to domino quickly when the gainful employment numbers come out, especially when coupled with the declines in enrollments across the board. Sinking ship. MAYDAY!
"New federal regulations make it difficult to project the future for career schools that have higher operating costs, such as culinary schools that require expensive commercial kitchens and ongoing food costs," said Chief Executive Todd Nelson. "Despite our best efforts to find a new caretaker for these well-renowned culinary colleges, we could not reach an agreement that we believe was in the best interests of both our students and our stockholders."
http://www.marketwatch.com/story/career-education-to-wind-down-le-cordon-bleu-operations-2015-12-16?siteid=yhoof2
Good Bye Art Institute Culinary programs. Baking and pastry will be the first to go. Earnings of grads (if they make it) are too low.
HAHAHA THEY HIRED TODD NELSON?!?
OMG.., Todd Nelson is the CEO. The common thread in for profit seems to be recycle the same corrupt people and eventually close down. It seems to be a downward spiral that can't be stopped.
Watch out EDMC employees if you think things are getting better.