Education Management Corporation
Pennsylvania based post secondary institutions in US and Canada / From Wikipedia, the free encyclopedia
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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]
Company type | Public |
---|---|
Industry | For-profit education |
Founded | 1962 (1962) |
Defunct | 2018 (2018) |
Fate | Bankrupt. Acquired by Dream Center. |
Headquarters | , United States |
Number of locations | 110 campuses |
Area served | United States, Canada |
Key people | Mark A. McEachen (CEO, Chairman); Ryanne Dean, Talent Acquisition Manager |
Website | www |
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]