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ITT Tech Bankruptcy Fills a Warehouse

Written by Steve Rhode

The Indiana Lawyer has a fantastic article about the unintended consequences that the bankruptcy filling of ITT Educational Services.

“Among the fallout from the ITT Educational Services bankruptcy are the multiple pallets being offloaded every weekday into a chilly warehouse south of downtown Indianapolis.

Each of the wooden pallets is stacked with 40 Bankers Boxes containing 20-30 files from the for-profit college’s campuses around the country. Of particular concern are records of the students and alumni, not only because they include transcripts, loan information, Social Security numbers and other personal data, but also because these documents will likely need to be accessed long after the bankruptcy is finished.

Monday through Friday, forklifts motor into trucks parked at the loading dock of GRM Document Management, retrieving the remnants of an education business. In two weeks, ITT collapsed from 8,000 employees, 40,000 students and 138 locations to just five employees.”

You can read the full article here.


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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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