And not all together. Some groups and individual schools within those brands are. Nobody can tell you if we will sell. They'll announce any sales as they solidify. Who knows if there will be severance? Nobody here can answer that. But, IMO, the writing is on the wall. If schools sell, employees CANNOT be sold with them. You all are better off looking for new jobs than wasting energy hoping this company will rebound in any way. It's over. The Titanic hit the ice burg. We are sinking. And no amount if rebranding will help. But, I've been wrong before.
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NOBODY wants our students. I can tell you ITT does not. And if they don't, nobody does. I've worked at other fir profits and none of the ones I was at could most of the students here handle. They have tests to ensure you can read and write. Also, they have real curriculums with real work. ITT is at least twice the workload for the same exact class names I've taught. The students would not be able to make it.
Anonymous26290 - making it worse is the fact that many of our campuses are in already crowded markets. Our peer companies just want us closed and out of the competition for students.
My concern here is that the risk/reward ratio may be way out of balance for a potential buyer. The staggaring debt, multiple state/federal investigations,shifting regulatory requirements, over supply of choices for a shrinking pool of potential (and apparently low-quality) students all seem to point toward no sale. Its not like 2006 - 2010 when a larger entity could expand market presence overnight with an acquisition. All of the larger for profit schools - in this market segment - are hurting. No one has the need to expand, and CCI doen't have much - if anything - of value to offer. I don't see why someone outside of theis segment would be interested in jumping in. I hope to be proven wrong, but I don't see this ending well for thousands of employees and students.
Heald was in financial trouble when it was sold in 2006. Because its financial model was not sustainable, it nearly lost its WASC accreditation, even though its reporting and academic practices were sound. Heald's employees were retained during the initial for-profit sale, as well as the sale to CCi. That said, in any acquisition, it is up to the purchasing company to decide the fate of employees. It's pretty much a decision about whether there are areas of redundancy, and whether there are areas that the purchasing company does not want to continue.
26280 - IM SITTING HERE WORKING(MAKING $65 DOLLARS AN HOUR)...NOT AT CCI...WATCHING ALL OF THE DUMB FING CHIMPS SCRAMBLE AROUND WONDERING WHAT THE F IS HAPPENING...FUNNIEST SHIT I HAVE EVER SEEN. ALL I HAVE TO SAY IS THAT KARMA IS A MOTHERFUCKER!!! KEEP THE CHIMPS WONDERING!! I LOVE IT!!! LMFAO!!!
26263 - If you agree with a post, please let us know that with an intelligent, well-reasoned reponse. If you disagree, please let us know that with an intelligent, well-reasoned response. If all you can offer is mindless profanity, shouting (all caps) and poor spelling/grammar, then please exit the board and enroll as a student at Everest, where you will feel right at home.
26276, was the company accused of illegal activity and bad recruiting practices?
I have been through a sale before and the employees were all retained.
Heald was a failing non profit for 40 years. In 2005, investors came in to save it with the intention to make it a for profit again and sell. The only reason its up for sale again is because CCI is in dissolution mode: "Everything Must Go".
23262 - Not all business acquisitins are made because a company is failing. It may be that CCI at that point in time was simply looking to expand, and decided that acquisition was a better choice than starting new campuses - a very common strategy for companies in rapid growth mode. In those kinds of sales, the seller has good leverage and can command a healthy price. That is clearly not the case for us today. Any sale - if it happens - will be made at garage sale prices.
DOES IT REALLY F***ING MATTER WHATS FOR SALE??? YOUR GOING TO BE LAYED OFF NO MATTER WHAT IDIOT!!
Remember all the schools regardless of brand name are now linked. Same systems platform, same network, same infrastructure etc. The schools sold to Bryman years ago which are now bankrupt were still runnning on the same CCI systems. A smart buyer will want schools that are standalone like Heald use to be. Extremely tough to sell and even CCI does not have a clear plan to break them apart. They infact want to keep them as is and coherce the potential buyers to use SOCLE and start up a SAAS "Software as a Service" model with the existing systems to have the potenail buyers use that service offering. Does not look good for campus/brand sales.
So if Heald wasn't a failing school or in massive debt then why was it sold over and over again?
So if Heald was not in massive debt why did it get sold?
Wyotech will still keep it's name because it is a widly knowen brand. The (new) owners will keep that name for sure. To be honest I never heard of Heald before I started working here. I don't ever know what they teach. That one will most likely change.
Heald wasn't a failing school with massive debt when CCI purchased them so it's not the same scenario. The Heald brand is still more respected than Everest or Wyotech.
I have, unfortunately, been through this several times. OP is correct in that employees are not, technically, "sold" (President Lincoln made that illegal.....). However, when a company is sold, retention decisions are usually made after the sale, by the new owner. Current owners may trim staff to boost profits, making the company a more attractive acquisition - although that is not really in play here. As 26245 points out, it is not at all unusual for employees to survive multiple acquisitions. There are Everest employees with 25 years of service through multiple brands and owners. All this assumes that a sales (or sales) will occur before CCI runs out of cash and shuts down campuses. Not a pretty picture......
This posting contains false information. There are people currently working at Heald who were working there before CCI bought it and even a few who were working there under the prior owner. The buyer can retain any employees it wants to retain.