Posted on 11/08/2012 11:11:10 PM PST by My Favorite Headache
Career Education announced Thursday that it is cutting 900 jobs and closing 23 campuses as it continues to battle with declining enrollment.
The Schaumburg-based for-profit education provider reported the cuts when it released its third-quarter loss of $33.1 million. Last year the company posted a $10.6 million profit during the same quarter. Third-quarter revenue dropped 22 percent to $332.8 million from $428.4 million. Advertisement
“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 CEO Steven H. Lesnik said in a release.
The Schaumburg headquarters will be effected, but details on exactly how were not released.
All campuses and offices nationwide will be impacted, said Mark D. Spencer, senior director of corporate communications at Career Education.
“A key component to the company’s long-term strategy is to invest in a smaller number of institutions that have the strongest likelihood of delivering strong student outcomes, operational efficiency and strength in their market,” a company release stated.
The job cuts are expected to take place by January 2013, with an annual savings of between $45 and $55 million, the release said.
Keep up the good work posting these. Willie Green used to post these but for some strange reason stopped doing so in January of 2008.
Oops, 2009!
lmao.
Last I heard of him, was that he was run over by a train.
How many of these companies held off posting statuses in order to help Obama? We know some of them did.
Should those be on our boycott lists?
HOORAY Career Education! Prepare. Persevere.
Looks like 900 people will now need Career Education for a new job.
But they won’t find any!
I have really mixed feelings about this. On the one hand, my heart goes out to the individuals who aren’t going to be bringing home a salary because of this. On the other hand, I say, “Good. Starve the pig.” One of the worst things that could come about as a result of this election is if we *don’t* have a disaster. If there’s no disaster, the statists will say, “See? The Republicans told us we’d have an economic disaster, and we didn’t. So let’s just keep voting this way.” I want to see a crisis - not as a sort of ‘see I told you so’ - but because sometimes an unhealthy person needs to have a heart attack before they’ll modify their lifestyle. And when I look at it from that perspective, I actually feel some encouragement seeing these multiple unemployment stories being posted. An angry populace is an active populace.
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