Apollo's U of Phoenix lays off 700 employeesPosted: Updated:
PHOENIX (AP) -- The owner of the University of Phoenix says it has laid off 700 employees at its campuses across the country because of sharply lower student enrollments.
The Apollo Group announced the layoffs Monday afternoon. Most of those who lost their jobs worked in student admissions.
The Phoenix-based company said last month that it expected new enrollments to drop 40 percent in the quarter ending in November. It also withdrew its profit outlook for its upcoming fiscal year.
A company spokesman said Monday he could not speculate if there will be more layoffs. Spokesman Alex Clark says the company is going through a period of transition and will be very diligent about managing costs.
The company plans to take a $5 million charge this quarter to pay for the layoffs.
Phoenix radio station KTAR first reported the job cuts.