Even if they rebrand after a sale, CCI schools are deeply wounded and in debt.
25 replies (most recent on top)
806 - I assume that you are classifying me as a non-employee (not true) and my post as a lie. Do you have any factual finacial infomation to contradict my assertion that CCI is likely to collapse prior to the DoE 6 month deadline? Have we received a new line of credit? Are we current with all major creditors? Are revenues increasing? Has the debt been restructured? I don't belive any of those questions can be answered with a yes.
December 31 or January 7, no big difference.
Only way CCI limps that long is with a drastically smaller employee count...maybe 90% smaller.
Cci will limp along until January 7
798, if I had a dime for evrery lie posted by non employees, I would be richer than CCI.
In a few days/weeks the DoE Operating Agreement won't matter because CCI will run out of cash to pay the bills and file bankruptcy, dying a well-deserved death.
In a few days/weeks the DoE Operating Agreement won't matter because CCI will run out of cash to pay the bills and file bankruptcy, dying a well-deserved death.
786, I think if you spent your time reading the posts rather than lecturing people who really don't care what your opinion is, you would realize what the content of these posts are. And you should go and get your own life, rather than worrying about ours. Trust me, we don't give a hoot about you. Don't spend your precious time worrying about us and telling us what you think you might know.
The hysteric ramblings need to stop. CCI as a school is over, done. CCI at best is a chop shop, where a new buyer will buy the whole, get rid of the pieces it doesn't want, and put their own people in the pieces they do want. I really wish you idiots would get this through your heads: YOUR JOB IS GONE. Instead of hanging out here, praying for a miracle, you seriously need to just move on and find a new job. It's getting old and annoying. The ED agreement says nothing about continuing as a educational provider, and that's on purpose.
Cci schools are so top heavy, it's hard to imagine even if they sold, they wouldn't streamline every single aspect. And hire cheaper employees. At best they will offer everyone less money. And probably make a bunch of jobs part time.
Even if they were to sell, they cannot survive with it's current business model.
771, they can only 'fix it up' if they have the capital to do so. We are saving on toner. It's going to take a tremendous amount of money to get back into shape. Let's not forget students have left to the point that ECPO lost more than 10,000 students between last terms. Vendors (laptops, security, textbooks) are ready to pull out and there's a criminal investigation. It's not just buying a fixer upper. It could already be permanently crippled.
771, by morning I predict some fool starts that rumor next!!
Bain does it the way EVERYONE else does it, clean house, start fresh. That means firing all employees and hiring fewer, cheaper ones.
34720: Yes it does look attractive. Buy something low, fix it up and then sale it at a profit. Take a look at how Bain Capital has done this. Bain Capital in not buying CCI, just using it as an example
Anonymous34725: Bingo. Since May CCI was looking for a way to become a service not running schools anymore. There isn't much profit in running schools but there is a pretty good one in being a service provider.
....and taken to the glue factory.....
If CCI were a horse it would have been shot back in June.......
726 - Spot on. Not sure what we have left of value, other that a dwindling number of on-going students (minus those who should have been dis-enrolled but are fraudulently still on the books). No real estate, no brand equity, no goodwill, shrinking market, piles of debt and mountains of legal issues. Sound like an atractive acquisition target?
718, it makes a tremendous amount of sense. Look around you. It's a disaster. Employees who are on social media all day. Instructors who aren't even teaching but doing Outreach. Students who can barely read and write at a level that will allow them to be successful. Hinky recruiting tactics. Hinky FA stuff going on. There isn't a department that hasn't been tainted by the media or a criminal investigation. The bigger question to ask is why would anyone WANT to buy us and keep any employees?
At this point they will never walk into a healthy college situation anyway (new owners.) So, they would probably be expecting to dump a big hunk of the rotted out system. Or, it could be that a company buys only a process or part of the college (IT for instance.) To dump money into this company would be a mistake on any businesses' part. And it could lead to the same failure as CCI.
Ask Barclays when they did it to Lehman brothers and Bank of America when they did it to Countrywide. It happens in every distressed purchase. Most of the time, they purchase the whole company for one small piece. They fire the employees, sell the assets, and put their own people into the small piece they keep. If you think any company that buys CCI wants to make CCI work under a different name, you really are delusional.
It makes sense because the perception - right or wrong - is that the currrent employees are part of the problem. They ( if there is anyone....) aren't buying the employees - they are buying the current and future revenue stream. Nearly all of us are easily replaced. Don't fool yourself.
Ok so a company buys us then gets rid of all the current employees. What sense does that make?
Rebranding=total rebuild in staff and culture. Can't rebrand with people that worked at the problem.