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Friday, July 4, 2014

Corinthian Colleges agrees to sell most of its schools, (NASDAQ: COCO)

Corinthian Colleges Inc said late on Thursday that it had reached a deal with the U.S. Department of Education to sell most of its 107 campuses and wind down others, underscoring some of the struggles facing for-profit colleges across the country. Corinthian will put 85 of its U.S. schools up for sale and will "teach out," or gradually wind down, operations at 12 others, it said in a statement.Separately, the company will begin a sales process for its Canadian schoolsThe Santa Ana, California-based company has 107 campuses and online programs.Corinthian has been scrambling for cash since it breached some debt covenants earlier this year. Last month the company said it was receiving $16 million in federal aid from the Department of Education.

Corinthian Colleges, Inc. is a post-secondary education company in the United States and Canada. Shares of COCO traded higher by 5.19% or $0.014/share to $0.28. In the past year, the shares have traded as low as $0.24 and as high as $2.75. On average, 2784090 shares of COCO exchange hands on a given day and today's volume is recorded at 1440167.