Career Education Corp.
got a boost Wednesday after the postsecondary education company announced plans to sell several of its schools and campuses.
The Hoffman Estates, Ill., company will divest the nine campuses that comprise its Gibbs division; McIntosh College; the two campuses belonging to Brooks College (Long Beach and Sunnyvale) and Lehigh Valley College.
"As Career Education positions itself for the future, we will be better targeting our business strategy and concentrating our resources on those areas where we have the greatest competitive advantage, the highest levels of expertise, and proven success," said Bob Dowdell, the company's interim CEO.
The company said it will continue to invest in the schools throughout the divestiture process, including strengthening educational programming and services to students, and continuing its support of faculty and staff.
Shares were higher by $2.40, or 10%, at $26.52 in recent trading Wednesday.