I know this isn't surprising at this point, but for those of us who were around 10-15 years ago, it's absolutely amazing! For those of you posting to the board who keep insisting that your school or department will come out of this (I'm looking at you Socle), please stop deluding yourselves and others. Several articles have made it clear that CCi has agreed to dissolve the company. Bankruptcy is inevitable at this point and everything left will go to creditors, as it should. Some campuses/departments may very well get sold, but do not count on having your jobs. I was with CCi during quite a few acquisitions. It was very clear to us that anyone we suspected of not adapting to the CCi way had to be gone. Many companies don't keep on staff in these situations, but when they do they keep a very close eye on them. There's an assumption that they are problem employees. I'm not trying to be cruel, but if you haven't started looking for another job yet, shame on you! I just hope you don't have kids relying on your support, because that is irresponsible!
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19177 - I agree. The whole industry is contracting, and all the major players are seeing fewer and fewer enrollments. The industry is counter-cyclical, it does well when the economy doesn't because that's when people want retraining or need more education to get an entry level job. This downturn has gone on too long, though. Everyone is having to dig deeper and enroll students who aren't really interested and won't benefit from the education. At the same time ED and the government are very serious about gainful employment, and have no interest in easing 90/10 and other regs that target for-profits. Who needs new schools when they can't fill the ones they have? And usually they are in the same geographic areas.
The thought that many of these campuses will be sold is hilarious. Seriously people...CCi has had a couple of campuses in the Miami area for sale since Septmember (stopped enrolling in Feb & March) and they have not sold...what makes anyone think the other 83 are in any better position.
Might as well keep watching it - stock at 20 cents now. It's not important, except that it shows that everything really is ending. If there were buyers lined up, the shareholders could expect a bump. The market knows it's going to be a fire sale if anything. Most likely bankruptcy.
A word of advise for anyone who finds themselves with new owners. The concern is that the employees have been mistreated and mismanaged previously, so they are considered "damaged goods." The new company will be watching for indications that you are disgruntled or otherwise unenthusiastic about your job and its challenges. Show up at work not only early or on time, but really happy to be there. Seem interested and impressed with the new management's ways of doing things. You may be faking it, but you really want to exude some serious positivity if you want to stick around.
Who cares. Worry about yourself. If people want to stay on. It's their business.why even post the stock price? CCI is no more.
Who thinks somehow anyone is coming out of this. It's over, people!