Acquisition Ban Lifted at Career Education
The Career Education Corporation, which operates more than 80 campuses in the United States and overseas, said yesterday that the Education Department lifted a ban imposed in June 2005 that limited acquisitions and expansion.
The Education Department said eight months ago that it was satisfied with the results of a financial audit review at Career Education that prompted the restriction. The company’s founder, John Larson, retired in December.
Career Education enrolls about 100,000 students at more than 80 campuses operating under names like American InterContinental University, Le Cordon Bleu College of Culinary Arts, Gibbs College and Sanford-Brown College. It announced plans in November to sell 13 schools, including the nine-campus Gibbs division, to focus on more profitable divisions.
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