Vatterott Educational Centers, a chain of for-profit colleges based in suburban St. Louis, announced its immediate closure Monday, citing “changes in economic and regulatory conditions.”
Vatterott operates six campuses in the St. Louis area and about a dozen more across the Midwest.
The school has about 950 employees, including 500 in Missouri.
Facing financial woes, the school filed for receivership in 2017 and announced early this year that it had lined up a sale to Education Corporation of America. The closure will prevent that sale from going through, Vatterott said in a letter posted on its website.
In the letter, Vatterott said reduced access to federal aid contributed to its demise. In November, the Accrediting Commission of Career Schools and Colleges voted to revoke the school’s accreditation over concerns about student graduation and employment rates.
The school said Monday it was working to help students transfer to other schools.