UPDATE 1-Corinthian Colleges to sell 2 WyoTech campuses

June 19 Tue Jun 19, 2012 4:35pm IST

Related Topics

Stocks

   

June 19 (Reuters) - For-profit education company Corinthian Colleges Inc said it plans to sell two of its WyoTech campuses in the next 12 months, but is yet to identify buyers and evaluate proposals.

Corinthian - known for its Everest, Heald and WyoTech campuses - said it would sell its WyoTech campuses in Sacramento, California and Daytona Beach, Florida.

WyoTech campuses offer courses in automotive training.

The company - hit the most in the new regulatory environment that has plagued for-profit colleges for more than a year - is shutting and selling campuses to cut student debt default rates.

High student debt at its colleges can increase the risk of losing access to federal student aid, which accounts for a majority of the company's revenue.

Corinthian said until the sale was completed, the two WyoTech campuses will be accounted for as discontinued operations. It expects to take a related charge in the fourth quarter.

It is already in the process of selling four Everest campuses and shutting three Everest campuses.

Shares of the company closed at $2.56 on Monday on the Nasdaq.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared