Career Education Corp. Will Sell 16 Campuses

The Career Education Corporation will sell off its 16 culinary-arts campuses, though the for-profit educator has not identified a buyer, according to a corporate filing with the U.S. Securities and Exchange Commission.

Career Education said the decision had been made after “an ongoing portfolio review undertaken to evaluate the strategic direction of the company.” It added that it expects to sell the campuses within 12 months but could not estimate how much it would cost to find a buyer.

“We are proud of our Le Cordon Bleu culinary colleges and remain committed to the success of students who attend them, but we believe that it is in the best interest of all involved to identify a new owner who can make a larger investment in order to expand the schools and their offerings,” said the company’s president and chief executive, Scott W. Steffey, in a news release.