Corinthian to Sell or Close 7 Everest Campuses
- Corinthian's failure could cost the federal government $1.2 billion
- For-profit chain works with feds on phase-out plan
- Corinthian Colleges contemplates sale amid declining enrollment and revenue
- Corinthian's failure (and U.S. role in it) fuels for-profit critics
- Major for-profit chain faces bankruptcy as feds turn up heat
Corinthian Colleges Inc. announced in a corporate filing Monday that it would sell four Everest College campuses in California and also close three campuses in other states when currently enrolled students complete their studies. The four California campuses have struggled financially, according to the filing. Those campuses were among those that recently failed to meet a state threshold on student default rates. No buyer has yet emerged. The three campuses that have been targeted for closure, which are located in Florida, Georgia and Virginia, have not met the bar on student performance or financial health, the company said. Corinthian owns about 95 Everest campuses in the U.S. and Canada.