Career Education to cut jobs, shut campuses

Thu Nov 8, 2012 5:17pm EST

Nov 8 (Reuters) - Career Education Corp said it will close 23 campuses and cut 900 jobs, amid declines in student enrollments.

The for-profit education company also said its $185 million credit agreement expired on Oct. 31 and it was in talks with banks to renew it.

Career Education posted a net loss of $33.1 million, or 50 cents per share, in the third quarter, compared with a profit of $10.6 million, or 10 cents per share, a year earlier.

Revenue fell 22 percent to $332.8 million. New student sign-ups fell 23 percent.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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