Corinthian Colleges to cut more jobs as enrollment declines
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Corinthian Colleges Inc. is cutting 325 jobs, or about 2% of its workforce, adding to the job cuts announced earlier this year as it battles declining student enrollment.
The Santa Ana company, which runs a chain of for-profit colleges and employs about 16,600 people, had said this year that it would cut 4% of its workforce and hold off growth plans.
“Like many other private-sector education organizations, we have recently experienced a decline in student enrollment and we are adjusting our workforce to reflect this change,” Corinthian spokesman Kent Jenkins said.
The job cuts will take place across the company, he said.
For-profit colleges are seeing a decline in student enrollment because of the changes they have made in their operations to comply with new U.S. government rules that aim to lower student debt loads and improve graduation rates.
Market leader Apollo Group, Strayer Education and the Washington Post’s Kaplan unit, along with Corinthian, are all seeing slowing revenue and profit growth.
Corinthian said in August that it expected new student enrollment to fall as much as 25% in the current quarter.
Corinthian’s shares fell 17 cents, or 7.8%, to $2.01 on Monday.
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