Word on the street has Adtalem selling Carrington to IEC (UEI Colleges). Any truth to that?
2 replies (most recent on top)
Carrington College also has a layoff site.
I don't have anything official, just a remark from a friend that their senior director offhandedly acknowledged to them that Carrington is also up on the block. For years Carrington has been an albatross the same way DVU has, with failed turn-around plan after failed turn-around plan and plenty of their own quiet RIFs of individual contributors while senior leadership stayed pat to keep making terrible decisions.
Welcome to Lisa's new company, which is heavily modeled on her background. If something in the portfolio doesn't perform within the prescriptive time period, cut it off and get rid of it so there's room in the binder for a new acquisition that might show promise.
I don't have a lot of sympathy for ATGE in general, but this one was especially stupid - they bought Carrington knowing it was a dog, and were convinced that 1) they could turn it around and 2) as they were still reeling from DVU's plummet after the Dot Bust, that the Carrington curriculum was a valuable diversification of offerings.
They were wrong on both counts.