Corinthian Colleges to Shut Down All 28 Remaining Campuses

Corinthian Colleges will shut down all of its remaining 28 ground campuses, displacing about 16,000 students.

The announcement comes less than two weeks after the U.S. Department of Education announced it was fining the for-profit institution $30 million for misrepresentation.

In a statement Sunday, the Santa Ana, California-based company said it was working with other schools to help students continue their education. The closures include Heald College campuses in California, Hawaii and Oregon, as well as Everest and WyoTech schools in California, Arizona and New York.

Corinthian was one of the country's largest for-profit educational institutions. It collapsed last summer amid a cash shortage and fraud allegations.

The Education Department contends that Corinthian failed to comply with requests to address allegations of falsifying job placement data and altering grades and attendance records.