- University of Phoenix owner Apollo Group Inc. announced on Tuesday that it would shutter 115 of its locations after a 60% drop in fourth-quarter net income.
- About 13,000 students will reportedly be impacted and be given the option of transferring to online programs.
- Tighter regulations and added regulatory pressure this year have put pressure on the company to find students with better graduation likelihoods.
From the article:
Apollo Group Inc. said Tuesday that its fiscal fourth-quarter net income tumbled 60 percent, hurt by higher costs and declining enrollment at the University of Phoenix. To cope, the for-profit education company plans to close 115 of the university's mostly smaller locations, a move that will affect 13,000 students.
Shares in the Phoenix-based company tumbled nearly 9 percent in after-hours trading. ...