Apollo Group Inc. said Tuesday that its fiscal fourth-quarter net income tumbled 60 percent, hurt by higher costs and declining enrollment at the University of Phoenix. To cope, the for-profit education company plans to close 115 of the university's mostly smaller locations, a move that will affect 13,000 students.
Shares in the Phoenix-based company tumbled nearly 9 percent in after-hours trading.
The closings include 25 main campuses and 90 smaller satellite learning centers. At least one location in 30 states is slated to be shuttered.