Are the Art Institutes are going to be closed?
12 replies (most recent on top)
The lease cancellations have been in negotiations for months. There is no tipping the hat. EDMC/KKR don't start that process when the announcement is made, the wrinkles are ironed out well in advance. There will be no technical default, but there may be a negotiated buy down of the lease.
Expect to know within the next two weeks
Everyone keeps saying "Announcement soon".......how soon???? One of our students said there was a press release out, but I have yet to see it or find it....
15 locations will close and leases will be terminated as deemed necessary....announcement soon
@ CK, many of the corp leases have certain provisions that require the continious operation of the school, otherwise a technical lease default occurs in which the landlord and declare the default and thru teh provision of acceleration the entire outstanding leasehold rent obligation can become immediately due. Of course each lease is different, but this is a rather common provision. So if a school is going to close, why would EDMC tip their hat until they had developed a gambit to mitigate this .....
18 locations
Be happy if your on the South Side but they'll be asked to make cuts do the greater good. Outsourcing is the only means.
Students and teachers will be the last to know about campus closings...........https://www.linkedin.com/pulse/edmc-keeps-art-institutes-students-staff-dark-dahn-shaulis?trk=mp-author-card
So your saying only the smaller campuses will be closed instead of all 50 of the campuses?
Brown Mackie needs to cut 20 mil this upcoming fiscal year. Ai needs to cut 200 mil. Of course they are closing. Nothing gets announced until the end of June. EDMC will announce all at once the cuts. FA, Registrars, and student affairs will be cut at small campuses that are doing a teach out. Admissions will be more centralized.
It's only a matter of time before they at least get rid of several underperforming campuses. It just sucks that they don't care enough about their employees or students to give them a heads up. This is such a crappy company.
Sorry put an extra are in there.