ITT Educational Services will close all 130-plus of its schools throughout the country after more than 50 years in business.
The closure of the ITT Technical Institute schools is the result of US Department of Education sanctions, which forced the company to cease all academic operations.
“We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a nonprofit or public institution,” the company said in its statement earlier this week.
ITT has increasingly undergone state and federal investigations as of late, and was found in noncompliance with its accreditor’s standards twice this year alone. Just last week, the US Department of Education barred the company from accepting further students who receive financial aid, CoStar reports.
ITT Technical Institute campuses average about 10k SF to 58k SF, including ITT’s Carmel, IN, headquarters. As of last year, the company leased up to 112 of its facilities and owned 42. [CoStar]
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