Has anyone heard about campuses closing?
14 replies (most recent on top)
Carrington College Citrus Heighta fired all management on Friday as well! I am going to assume closing of the doors is next
Stockton Carrington College Campus just laid off top management. Is the campus going to close.
All of the campuses are going to be closed. This is again from the 2016 annual report.
"Business, Technology and Management segment operating loss was $46.9 million for fiscal year 2016, an increase from the operating loss of $17.7 million in the prior year. The increased operating loss in fiscal year 2016 was primarily the result of an increase of $34.4 million in restructuring charges recorded in fiscal year 2016, as compared to the prior year (as discussed earlier). Excluding the effect of the restructuring charges and the gain on sale of assets, operating income decreased 12.7% or $1.9 million in fiscal year 2016, as compared to the prior year. This decrease was the result of a decline in revenue resulting from the impact of lower new and total student enrollments and the higher use of
scholarships and discounts almost fully offset by savings from cost reduction measures, which offset 99% of the lower revenue for the year. Total segment expenses for fiscal year 2016, excluding the restructuring charges, decreased $181.1 million or 23.2% as compared to the prior year.
Management continues to mitigate the effects of this challenging environment by aligning its cost structure with student enrollment.
Management believes further cost control measures will be necessary in fiscal year 2017, and also believes that additional consolidations and closures of DeVry University locations are likely to occur."
This is from the annual report:
"Revenue in the Business, Technology and Management segment, which is composed solely of DeVry University, decreased 23.0% to $611.1 million in fiscal year 2016 as compared to the prior year as a result of a decline in student enrollment as DeVry University repositions itself to stabilize enrollment. Enrollment declines are expected to continue through fiscal year 2017, which will result in lower revenue. Key trends in enrollment and tuition pricing are set forth below."
Here is the campus closing announcement:
"In aligning the cost structure, management is focused on increasing efficiencies. Over the past several years, DeVry University has reduced costs through staffing adjustments, management structure adjustments, managing open positions, consolidating locations, managing advertising expenditures, optimizing course scheduling to better utilize classrooms and simplifying program offerings. Management made the decision to close or consolidate certain DeVry University campuses while balancing the potential impact on enrollment and student satisfaction. Since the beginning of fiscal year 2014, DeVry University has closed 39 campus locations and completed several campus size reductions. As of the commencement of the July 2016 session, DeVry University operates 60 campus locations. Management believes that additional consolidations and closures of DeVry University locations are likely to occur in fiscal year 2017."
Even the medical schools are going to be closing or limiting enrollment as hospitals are recognizing the worthlessness of the instruction DeVry provides and refusing students for clinical programs and residencies. Ross is recognized by the AMA and medical school accrediting bodies as a fraud, which is why it could not be located within the US.
Our ability to place our medical schools students in hospitals in the U.S. may be limited by efforts of certain state government regulatory bodies, which may limit the growth potential of our medical schools, put our medical schools at a competitive disadvantage to other medical schools, or force our medical schools to substantially reduce their class sizes.
Each of AUC and RUSM enter into affiliation agreements with hospitals across the U.S. to place their third and fourth year students in clinical programs at such hospitals. Certain states with regulatory programs that require state approval of clinical education programs have in recent years precluded, limited or imposed onerous requirements on DeVry Group’s entry into affiliation agreements with hospitals in their states. If these or other states continue to limit access to affiliation arrangements, our medical schools may be at a competitive disadvantage to other medical schools and our medical schools may be required to substantially restrict their enrollments due to limited clinical opportunities for enrolled students. The impact on enrollment, and the potential for enrollment growth, of such restrictions on our medical schools’ clinical placements could have a material adverse effect on our prospects, financial conditions, results of operation and cash flows and result in the
imposition of significant restrictions on us and our ability to operate.
In an unforeseen turn of events, one of our Chicagoland colleagues told me that they have two openings for full time faculty in the college of engineering and info sciences. One of their full time professors resigned last week, so they're replacing him plus hiring one more. Doesn't this contradict the entire direction of the past two years? Are we actually changing direction? Enrollment is still dropping like a stone in their region as well as mine, so I'm not sure how they justify this.
It doesn't look like we're facing closures yet, but apparently one DOS location is being closed and the people are being moved to a campus and taking over offices formerly occupied by faculty. It's not technically a closure, just a rearrangement. It seems to contradict the claim that all campuses are being closed this year. I guess it is still possible that a campus may cease to operate as a campus simply become offices for the online people, but that seems unlikely.
I don't see anything in there about campus closers or more layoffs. Nice try Camden
It's in here
http://investors.devryeducationgroup.com/Cache/1001216405.PDF?Y=&O=PDF&D=&FID=1001216405&T=&IID=4183694
Hi, the most recent sec filing mentioned campus closures, consolations and also staff reductions. I think that's where a lot of this conjecture is coming from
Devry just shut down all of its campuses. They are bankrupt and Camden kid and his cronies are correct!!!!!!! NOT! Stop posting stupid stuff, no campus closures ya morons. This is camdens way of fishing for information and harassing people
@Loif6Il-1hts, what documentation do you have to prove that DeVry is closing more campuses? The earnings report is sometime in February. Will any of this (assuming that it's true) be made public soon
So, essentially what the thrust of this is that all the post DOE and FTC talk about having the resources to cover the fines was just hot air...that in effect, leaders are misleading employees?
DeVry is closing all on ground campuses permanently within the next six months to cut the losses from reduced enrollments and the FTC fines. The number of online classes will be reduced and the number of students allowed per class will rise to at least 60 with no changes in the class content. A true diploma mill.
They'll probably all be closed on Sunday -call to check.