Career Education Corp.
Career Education's academic institutions offer a quality education to a diverse student population in a variety of disciplines through online, on-ground and hybrid learning programs. The company operates two universities -- American InterContinental University ( "AIU") and Colorado Technical University ( "CTU" ) -- provide degree programs through the master's or doctoral level as well as associate and bachelor's levels. Both universities predominantly serve students online with career-focused degree programs that are designed to meet the educational demands of today's busy adults.
In 2014, CEC reported revenues of $741.3 million and net loss of $178.1 million.
The company operates for-profit schools and has come under pressure from federal government restrictions on loans for students which has drastically affected revenue.
Career Education said it will focus on its two universities and is trying to sell its career schools: Brooks Institute, Sanford-Brown College, Briarcliff College and Missouri College.
The company announced in December 2015 it will close all Le Cordon Bleu cooking schools with 16 campuses across the United States after failing to find a buyer. The schools will no longer enroll new students and will remain open until September 2017.
"New federal regulations make it difficult to project the future for career schools that have higher operating costs, such as culinary schools that require expensive commercial kitchens and ongoing food costs," said Todd Nelson, president and CEO of Career Education. "Despite our best efforts to find a new caretaker for these well-renowned culinary colleges, we could not reach an agreement that we believe was in the best interests of both our students and our stockholders. As discussions progressed, we continued to evaluate the decision taking into consideration factors including the economics between a sale and teach-out, impacts to students and stockholders and execution risk. By moving forward with a teach-out process we are better able to protect student interests and also retain all of the rights that we currently have to the Le Cordon Bleu brand. We will continue with our plan to refocus Career Education's resources on predominantly online university education as we endeavor to provide students attending schools in "teach-out" with appropriate resources to complete their program of study."
The Company offers attractive compensation and benefits including company ownership and a strong 401K plan.
Updated January 3, 2016