June 19 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
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