- Dwight Burdette , CC by 3.0
- ITT operated more than 130 campuses in 39 states.
ITT Educational Services Inc. announced Tuesday morning the company would "discontinue operations at all of its ITT Technical Institutes permanently after approximately 50 years of continuous service." The for-profit school stopped enrolling new students in late August, shortly after the U.S. Department of Education announced its parent company was barred from accepting any applicants who use federal financial aid. Feds also said they would require ITT to increase its cash reserves and provide a letter of credit showing sufficient funding.
ITT has operated more than 130 campuses in 39 states in addition to providing online classes to approximately 40,000 students in undergraduate and graduate programs.
In its announcement earlier today, ITT also said it would eliminate the positions of nearly 8,000 employees. Company officials said the U.S. government's action was "inappropriate and unconstitutional."
"These unwarranted actions, taken without proving a single allegation, are a "lawless execution," as noted by a recent editorial in The Wall Street Journal. We were not provided with a hearing or an appeal. Alternatives that we strongly believe would have better served students, employees, and taxpayers were rejected. The damage done to our students and employees, as well as to our shareholders and the American taxpayers, is irrevocable. "