Corinthian Colleges, the defunct for-profit chain that fell into financial straits last summer, has filed for bankruptcy,
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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.
