Career Education Corporation Reducing Workforce to Streamline Operations
January 19 2011 - 4:30PM
Business Wire
Career Education Corporation (CEC) (NASDAQ: CECO), a global
provider of post-secondary education programs and services, today
announced it will reduce its workforce by about 600 positions
across its United States operations.
The moves, which will be carried out over the next several
months, are aimed at streamlining the company’s organizational
structure to better align with its long-term business strategy,
while considering slowing student enrollments across the
private-sector post-secondary education industry.
CEC expects to incur a charge of up to $8 million related to
severance payments and other costs related to these actions in its
fourth quarter of 2010.
About Career Education Corporation
The colleges, schools and universities that are part of the
Career Education Corporation ("CEC") family offer high-quality
education to a diverse student population of more than 118,000
students across the world in a variety of career-oriented
disciplines through online, on-ground and hybrid learning program
offerings. The more than 90 campuses that serve these students are
located throughout the United States and in France, Italy, the
United Kingdom and Monaco, and offer doctoral, master's, bachelor's
and associate degrees and diploma and certificate programs.
CEC is an industry leader whose institutions are recognized
globally. Those institutions include, among others, American
InterContinental University ("AIU"); Brooks Institute; Colorado
Technical University ("CTU"); Harrington College of Design; INSEEC
Group ("INSEEC") Schools; International University of Monaco
("IUM"); International Academy of Design & Technology ("IADT");
Istituto Marangoni; Le Cordon Bleu North America ("LCB"); and
Sanford-Brown Institutes and Colleges. Through its schools, CEC is
committed to providing high-quality education, enabling students to
graduate and pursue rewarding career opportunities.
For more information, see CEC's website at www.careered.com. The
website includes a detailed listing of individual campus locations
and web links to CEC's colleges, schools, and universities.
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