For-profit U.S. college operator ITT Educational Services Inc is preparing to file for bankruptcy after the U.S. government restricted financial aid to new students, according to people familiar with the matter.
ITT’s move comes after it said last week it would shut its 137 technical college campuses in 39 states, where roughly 35,000 students are enrolled and 8,000 employees work, as a result of the U.S. Department of Education decision.
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