The University of Phoenix laid off 470 employees on Tuesday, according to The Arizona Republic. The move comes after Phoenix's parent company, Apollo Group, announced in February that it was in the process of selling the company to a group of private investors for $1.1 billion.
"A significant workforce reduction was announced today in departments across the university. I support the decisions and am gratified by the planning that ensures a seamless student experience with minimal disruption. I am also grateful for the work of our human resources leaders to ensure our colleagues affected by the restructuring receive severance and outplacement services," said Timothy Slottow, president of the for-profit institution, in a statement. "This difficult decision came after careful deliberation and analysis with a focus on streamlined workflow serving fewer students than in years past, improved use of technology and ultimately an approach that ensures our students have the transformative experience that leads to higher retention and improved learning outcomes."