The dramatic collapse of Corinthian Colleges isn't the only shake-up happening in for-profit higher education, as a broad swath of the sector is shutting down or selling off campuses after years of declining revenue and enrollment.
On Wednesday two of the largest publicly traded for-profits announced substantial cuts.
Education Management Corporation (EDMC) said it would gradually phase out 15 of 52 campus locations of the Art Institutes, which is one of the better known brands among for-profits. Roughly 5,400 students attend the closing campuses. (Click here for a list.)
Likewise, Career Education Corp. unveiled a broader restructuring, saying it will close or sell everything but its Colorado Technical University and American InterContinental University holdings. Those two universities, however, enroll most of the for-profit's roughly 45,000 students (20,300 for CTU and 13,500 for AIU, according to company officials).
Career Education is winding down all 14 Sanford Brown College and Institute campuses and online programs over the next 18 months or so. It is also seeking to sell Briarcliffe College, Brooks Institute and Missouri College. Collectively, those institutions enroll about 8,600 students.
In recent months that company announced plans to sell Le Cordon Bleu Colleges of Culinary Arts and to close Harrington College of Design. The 16 Le Cordon Bleu campuses enrolled 10,100 students last December. They brought in $178 million in revenue last year and have been one of the for-profit's most prominent chains.
Both companies described their cuts as a refocusing amid tight times.
Read more at Inside Higher Ed: https://www.insidehighered.com/news/2015/05/07/profit-chains-announce-new-wave-closures-and-sell-offs