Career Education Corp. Will Close 23 Campuses and Cut 900 Jobs

The company, which owns American InterContinental University and several other for-profit colleges, announced its latest round of cuts in a corporate filing on Thursday. The announcement comes just weeks after the Apollo Group, the parent company of the University of Phoenix, announced a similar plan to eliminate 800 jobs and close 115 locations. Career Education said it expected the job cuts to be completed by January and most of the campus closures to be finished by the first quarter of 2014. In its announcement, the company said the moves were key to its long-term strategy of investing “in a smaller number of institutions that have the strongest likelihood of delivering strong student outcomes, operational efficiency, and strength in their market.”

“We are taking the difficult step of closing campuses and reducing our workforce because these measures are essential to advancing the turnaround of Career Education,” Chairman, President and Chief Executive Officer Steven H. Lesnik said. “To move forward successfully, we must align the organization to the new market realities in private postsecondary education.”

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