EDMC losing $500M annually. Only 2 ways to recover: 1)Close down campuses that are not profiting. 2)Lay-off about 30%-40% of workforce for capital recovery.
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Let's be honest, these asshats don't do anything they are supposed to do. They've gone through 15,000+ people in Pittsburgh in the past 8 years. 15,000 people can't be wrong.
They are supposed to "warn" 60 days in advance of mass layoffs. They won't report... They haven't before and they won't in the future. The warn act protects against it but it seems edmc thinks they do not have to. I guess they count all ai, argosy, bmu, western law, south as all one company since it's edmc parent company and that's how they get away with it? They are to give warn if 500+ or 50-499 if that makes up at least 33% of active workforce within a 30 period. Different companies don't make the parent company be the determining factor for what the active workforce is....for example macys filed a warm notice in September to lay off 69 employees.. I highly doubt MACYS only has 210 employees total for all of macys... But this individual macys on the hand , 69 employees may be at least 33% of the active workforce. But edmc doesn't say we are laying off x employees at argosy at this campus, it will probably exceed 33% of that campuses active staff but edmc wint file because they just don't...
I'm not sure if part time count so even if we just count full time which is a little over 10,000... Edmc has to layoff over 3,300 people by not looking at by campus or even school
How long before a lay off would they have to declare that?
Any time they layoff over 30% they are required to report it not only to employees but also to the government so they can prepare for such a huge spike in employee compensation.
That's what often happens. News of closings and mass layoffs gets to certain investors, which drives the stock up for a short period. It's another chance to fleece stockholders just one more time.