Belly Up: ITT Tech Files for Bankruptcy After Shutdown

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Belly Up: ITT Tech Files for Bankruptcy After Shutdown

Sep, 19th 2016

ITT Educational Services Inc. began liquidation proceedings in an Indianapolis bankruptcy court Friday after closing 136 technical schools, leaving over 35,000 students stranded in one of the largest college shutdowns in U.S. history.

The 50-year-old for-profit college operator, which had campuses in 38 states, said it was forced to close its doors after the U.S. Education Department demanded a steep increase in the security the company would have to post to guarantee federal student aid. More than 8,000 employees were affected by the shutdown, with the majority losing their jobs, Carmel, Indiana-based ITT said. The company announced this week that it would cease all operations Friday.

Since August 2014, ITT has been under financial and operational scrutiny by the Obama administration, which has been cracking down on the for-profit college...

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