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News Breaks | | | | September 30, 2012 | | 13:06 EDT |  | WPO | Washington Post: Kaplan ceases new enrollments at nine ground campuses
On September 27, Kaplan Higher Education, KHE, finalized a plan to consolidate its market presence at certain of its fixed-facility campuses. Under the Plan, KHE has ceased new enrollments at nine ground campuses as it considers alternatives for these locations, and will consolidate operations of four other campuses into existing, nearby locations. KHE will be teaching out the current students at these campuses. Revenues at these campuses represent approximately 4% of KHE’s total revenues and 2% of Kaplan's total revenues for the first six months of 2012. In connection with the Plan, KHE expects to incur an estimated $18M in restructuring costs from fixed asset write-downs and lease and severance obligations; a portion of these restructuring costs will be recorded in the third quarter of 2012, with the remainder recorded through the end of 2013. | |
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