Art Institutes, Argosy and South University campuses are part of the system.
The nonprofit Dream Center Education Holdings, which owns the Art Institutes, Argosy and South Universities, filed for receivership in federal court last week. The court appointed a receiver Friday.
The company can prevent the universities from closing under a receivership. It also allows DCEH, as the company running the Dream Center institutions is now known, to continue receiving federal student aid and gives the company more time to meet financial obligations.
The Art Institutes enroll about 22,000 students, Argosy University has about 17,600 students and South University has 14,200 students, according to DCEH.
DCEH largely placed the blame for the company’s poor performance on Education Management Corporation. The Dream Center purchased the universities from the for-profit EDMC in 2017 and converted them into nonprofit entities.