Former EDMC Campuses Bought by Private Investors
By Ashley A. Smith
January 24, 2019
The breakup and possible collapse of some Art Institutes, South and Argosy Universities campuses, all chains owned previously by Education Management Corporation, have generated criticism about a lack of transparency and worries among students and staff members about whether the institutions will continue to operate.
Dream Center Education Holdings, the nonprofit owner of the campuses, is facing bankruptcy and says it is attempting to unload the institutions in order to keep them open. The organization, which had been struggling to maintain the campuses, filed for and was appointed a receiver in federal court last week. When Dream Center purchased the campuses from the for-profit EDMC in 2017, their combined enrollment was about 65,000 students. Since then enrollment has fallen to 53,800 students, Dream Center said last year, and it’s unclear when that figure was last updated.
Education Principle Foundation, a Delaware nonprofit with no annual budget and almost no internet presence, announced Friday it had acquired some of the campuses from… (continue reading)