For-Profit for Sale?
May 7, 2014
Corinthian Colleges signaled on Wednesday that it was open to merging or selling off all or part of its business. But the embattled for-profit chain faces a tough market, as well as looming regulatory and legal challenges.
The company’s various holdings now enroll 75,000 students, according to a corporate filing it released this week. That’s down almost 14 percent from last year. Corinthian also reported a roughly 12 percent decline in revenue for the first three months of this year, with a net loss of $80 million.
Jack Massimino, Corinthian’s chairman and CEO, told investors that the company had slashed annual costs by $125 million -- including layoffs of 1,350 employees -- to try to adjust to slumping enrollment. And it recently closed or sold seven of its Everest College campuses.
Read more: http://www.insidehighered.com/news/2014/05/07/corinthian-colleges-contemplates-sale-amid-declining-enrollment-and-revenue#ixzz39Sfw2Sew
Inside Higher Ed