SCHAUMBURG, Ill. — Career Education Corporation has announced that it will begin a gradual process of discontinuing the operations of its Le Cordon Bleu North America colleges of culinary arts.
Executives cite new federal regulations that make it difficult to project the future of career schools with higher operating costs, such as culinary schools. “Despite our best efforts to find a new caretaker for these well-renowned culinary colleges, we could not reach an agreement that we believe was in the best interests of both our students and our stockholders,” said Todd Nelson, president, CEO, Career Education. “As discussions progressed, we continued to evaluate the decision taking into consideration factors including the economics between a sale and teach-out, impacts to students and stockholders and execution risk. By moving forward with a teach-out process we are better able to protect student interests and also retain all of the rights that we currently have to the Le Cordon Bleu brand.”
Nelson says the team will continue with its plan to refocus Career Education’s resources on predominantly online university education as it endeavours to provide students attending schools soon to be closed with appropriate resources to complete their program of study.
Le Cordon Bleu will no longer enrol new students after the January 2016 student cohort begins classes.