Strayer Cuts Jobs And Will Close 20 Locations
Career College Central summary:
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Strayer Education Inc., the parent company of the for-profit Strayer University, said in a corporate filing last week that it would cut its work force by 20 percent and close 20 of the university’s physical locations, amid a drop in enrollment.
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The closures, which involve mostly locations in the Midwest, would affect 5 percent of the university’s enrollment, or about 2,300 students. The company said that affected students would be offered the chance to continue their studies online. The closures are expected to be mostly completed within the next six months.
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The company said cost cuts will save about $50 million annually beginning in 2014. It expects to take a $45 million to $55 million charge in its fourth quarter related to the moves.
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