Education Management Corporation

Education Management Corporation
Company typePublic
Nasdaq: EDMC
IndustryFor-profit education
Founded1962; 62 years ago (1962)
Defunct2018 (2018)
FateBankrupt. Acquired by Dream Center.
Headquarters
Pittsburgh, Pennsylvania
,
United States
Number of locations
110 campuses
Area served
United States, Canada
Key people
  • Mark A. McEachen (CEO, chairman)
  • Ryanne Dean (Talent Acquisition Manager)
Websitewww.edmc.edu

Education Management Corporation (EDMC) was a Pittsburgh, Pennsylvania-based operator of for-profit post-secondary educational institutions in the United States and Canada.[1] The company was founded in 1962.[2] At its peak in 2011, Education Management Corporation operated 110 schools through its higher education divisions: Argosy University, The Art Institutes, Brown Mackie College, and South University, and enrolled 158,300 students.[3]

Facing declining enrollment, legal issues, and accreditation problems, EDMC closed or sold many of its schools between 2013 and 2017. By 2014, the company's stock had lost 99.9% of its value, and EDMC received a defaulted bond rating (to junk bond status).[4] Moody's credit rating service in January 2015 dropped EDMC to its lowest rating, D-PD.[5]

In June 2018, EMDC filed for Chapter 7 bankruptcy and began to liquidate its assets.[6]

  1. ^ Cite error: The named reference Lindeman13 was invoked but never defined (see the help page).
  2. ^ "Pittsburgh's Education Management Corp. to delist stock from Nasdaq". Pittsburgh Post-Gazette. October 24, 2014.
  3. ^ "Form 10-K". www.sec.gov. Retrieved September 8, 2017.
  4. ^ Kosman, Josh (July 12, 2014). "Goldman Sachs, KKR flunk in college investment". New York Post.
  5. ^ "Moody's revises Education Management's Probability of Default Rating to D-PD". January 7, 2015.
  6. ^ Education Management files Chapter 7 (subscription required)