ITT Technical Institute Closing All Campuses

The troubled for-profit ITT Technical Institute announced Tuesday that it will close all of its campuses. ITT Educational Services Inc. campuses enroll about 40,000 students, and in a statement, the company said: “It is with profound regret that we must report that ITT Educational Services, Inc. will discontinue academic operations at all of its ITT Technical Institutes permanently after more than 50 years of continuous service.” They added: “With what we believe is a complete disregard by the U.S. Department of Education for due process to the company, hundreds of thousands of current students and alumni and more than 8,000 employees will be negatively affected.” ITT has faced heavy scrutiny from the federal government in recent years, with their CEO and CFO both being hit with fraud charges in 2015 by the Securities and Exchange Commission.