ITT Educational Services, Inc. Plunges After Failed Real Estate Deal

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ITT Educational Services, Inc. Plunges After Failed Real Estate Deal

ITT Educational Services, Inc. (NYSE:ESI) announced today that the deal it had struck to sell and lease back some real estate was off. Not including today’s decline, the for-profit college operator had already plunged by 57% this year.

ITT Education Services loses deal

In a filing with the Securities and Exchange Commission today, ITT Educational revealed that College Portfolio Buyer LLC had canceled its planned purchase of 24 pieces of real estate. The firm canceled the deal on July 29. According to The Wall Street Journal, the buyer wanted to extend the due diligence period through Sept. 15. ITT decided that it would be better to enter negotiations with other potential buyers. If ITT had completed that sale, it would have brought in up to $119.1 million, according to a filing dated May 8.

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