- Brookstone College of Business, which operates in Charlotte and Greensboro, NC, is the latest for-profit to shut down amid tighter regulations on the sector.
- The Charlotte Observer reports that the college cited gainful employment rules — which require career-training programs to submit additional data about job placement and graduate student loan default rates — as being too expensive and distracting.
- The college abruptly announced the immediate termination of night classes at its two small campuses and said day classes would continue for one more week, according to the article.
The Brookstone College of Business’s closure announcement follows a spate of similar announcements from its peer for-profit institutions. EDMC and Career Education, two industry giants, revealed last week that they would close a combined total of more than 30 campuses. Meanwhile, Corinthian Colleges is officially defunct, having announced the closure of its remaining schools at the end of April. All four companies have attributed their closure to shrinking enrollment and revenues, in part because of government regulation. The sector has faced increased scrutiny under the Obama administration.