Bridgepoint cuts jobs at Ashford University

Sept 24 Mon Sep 24, 2012 4:22pm EDT

Sept 24 (Reuters) - Bridgepoint Education Inc said Ashford University, which is facing issues with its accreditation, has cut 450 jobs and reassigned 400 employees at its admissions department.

The for-profit education company's Ashford University was denied accreditation to the Western Association of Schools and Colleges (WASC), prompting another agency - the Higher Learning Commission - to review its own accreditation.

The WASC had said Ashford University spends more money on recruiting students than on teaching them.

In a statement on Monday, Bridgepoint said Ashford has reassigned 200 admission personnel to a newly created department dealing with new student inquiry and another 200 to student services.

Bridgepoint's shares, which have fallen nearly 50 percent since the WASC denied accreditation to Ashford in July, closed at $10.72 on Monday on the New York Stock Exchange

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