Corinthian Colleges, Inc.
| Industry | Education |
|---|---|
| Fate | Dissolved |
| Founded | February 1995 |
| Founders |
|
| Defunct | April 27, 2015 |
|
Areas served
|
United States, Canada |
| Website | www |
Corinthian Colleges, Inc. (CCi) was a large for-profit post-secondary education company in North America. Its subsidiaries offered career-oriented diploma and degree programs in health care, business, criminal justice, transportation technology and maintenance, construction trades, and information technology.
The Los Angeles Times framed Corinthian Colleges as a collection of "castoff" schools that were taken over by Wall Street investors in 1999.
At its largest, CCi had over 100 Everest, Heald and WyoTech campuses throughout the United States and Canada.
Corinthian's campuses in Canada closed on February 19, 2015 after the Ontario government suspended their operation license. After a series of legal challenges by state and federal agencies, on April 26, 2015 Corinthian Colleges announced that they would cease operations at all remaining US locations effective April 27, 2015. The closure affected more than 16,000 students and employees.
On May 4, 2015, Corinthian Colleges, Inc. and twenty four of its subsidiaries filed a chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware.
Corinthian Colleges was founded in February 1995. The five founders — David Moore, Paul St. Pierre, Frank McCord, Dennis Devereux, and Lloyd Holland—were executives at National Education Centers, Inc. (NECI), a for-profit operator of vocational schools based in Irvine, California. The founders planned to acquire schools that were fundamentally sound, but which for one reason or another were performing below their potential.
Historically, CCi grew rapidly through acquisitions and through organic growth, including opening new branch campuses, remodeling, expanding or relocating existing campuses, and adopting curricula into existing colleges.
The following institutes and colleges were acquired:
Corinthian Colleges faced numerous investigations and lawsuits, including a federal criminal investigation.
The California Attorney General, Kamala Harris, stated that Corinthian Colleges targeted single parents who were close to the poverty level, a demographic that its internal documents described as "composed of 'isolated,' 'impatient,' individuals with 'low self-esteem,' who have 'few people in their lives who care about them' and who are 'stuck' and 'unable to see and plan well for future,' through aggressive and persistent internet and telemarketing campaigns and through television ads on daytime shows like Jerry Springer and Maury Povich.'"
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