University of Phoenix: Ann Arbor campus among 115 U.S. locations to close

The closing in Ann Arbor is among five in Michigan. Others that will close are in Portage, Walker, Flint, Ann Arbor and East Lansing, according to information provided by MLive Media Group in Kalamazoo. Remaining locations are in Troy, Detroit, Livonia, Clinton Township and Southfield.

According to a report from the Associated Press, the for-profit higher educational company will allow the 13,000 students affected by the closing to transfer or switch to on-line learning.

Also from the Associated Press report:

University of Phoenix currently has about 328,000 students, down from a peak of more than 400,000. Following the closures, it will be left with 112 locations in 36 states, the District of Columbia and Puerto Rico.

The announcement comes as enrollments overall in the for-profit sector are declining after years of rapid growth, even as enrollment in other sectors of higher education rises. Recent federal figures showed enrollment in for-profits fell 2.9 percent in 2011. The sector has faced tighter regulations and more pressure to enroll students who have a better chance of graduating.

The University of Phoenix, organized under The Apollo Group Inc. [NASDAQ: APOL] was trading at $21.35 as the market prepared to close Wednesday. That represents a drop of about 6 percent, or a market cap of about $2.45 billion.

The company reported a 72-percent drop in year-over-year income from continuing operations on Tuesday, according to financial reports.

The company's Ann Arbor location is based at 315 East Eisenhower in the Burlington Office Center. It opened there in July 2003, and by this summer occupied about 9,000 square feet there.

Officials from the Oxford Cos., which manages the property, were not available to comment.