Online education company Zovio moves to sell last assets and shut down - EdScoop
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Zovio estimates Fullstack, which the filing states has seen interest from “potential strategic and private equity buyers,” could fetch between $34 million and $55 million, though a sale price on the lower end of that spectrum would leave nothing left over for shareholders.
Zovio in May sold off an online tutoring division, TutorMe, for $55 million.
At its peak, Zovio — which was founded in 2004 as Bridgepoint Education — operated two online, for-profit colleges, including Ashford University, which it sold in 2020 to the University of Arizona.
Ashford and another former Zovio asset, the University of the Rockies, are also on a list of about 150 for-profit colleges with which the U.
The online education company Zovio is taking steps to liquidate its remaining operations and shut down, according to documents filed this week with the Securities and Exchange Commission.
The proposal calls for selling Fullstack, paying off its remaining obligations and distributing the remainder — potentially up to $20.
The company has also faced a slew of legal challenges over how it marketed its programs to prospective students — it’s currently appealing a $22.
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