Corinthian Colleges, the defunct for-profit chain that fell into financial straits last summer, has filed for bankruptcy, The Wall Street Journal reports. The company’s filing for Chapter 11 protection on Monday represents the conclusion of Corinthian’s surprising collapse, which was prompted by enhanced scrutiny from the U.S. Education Department last June. The company reached an agreement with the department in July to sell a majority of its campuses. Last week the company announced that it would cease operations and close its remaining 28 campuses, citing difficulties finding a buyer.
Corinthian Colleges Inc. on Monday filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del., closing the book on the embattled for-profit school operator whose business had been embroiled in controversy since last summer. The California company last month closed its remaining 28 campuses, affecting about 16,000 students.
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