Everest College closes amid financial concerns

The Everest College campus in downtown Kitchener is seen on Tuesday, July 8, 2014. (Frank Lynn / CTV Kitchener)

Everest College students were shocked and devastated Thursday morning when they showed up to class to learn the private career college closed its doors.

“I don’t know what to do…we paid for all our books, our education, our tuition and what we’ve learned it’s good for nothing,” said student Tina Bianes.

The Ministry of Training, Colleges and Universities says the superintendent of private career colleges suspended Everest's license to operate at all 14 campuses, including Barrie and Newmarket, due to concerns that the vocational school could no longer be financially responsible.

In a statement Minster of Training, Colleges and Universities Reza Moridi said "I was saddened to hear the news today out of Everest College. Our first concern is for the students and faculty affected by the suspension of Everest College’s registration as a private career college. Our government is committed to helping impacted students and staff and supporting them through this difficult time."

Ministry staff was on hand Thursday to speak with students about the decision.

“We were bombarded by four people in our classroom to explain to us that our campus was now closing and that everybody was to listen what our options are and they had no answers to those,” said student Trina Potter.

An Everest College spokesperson said the closure came as a “surprise” after “weeks and months” of working with the provincial government to deal with its financial issues. He added that school is “disappointed” by the decision.

“Effectively this means all instruction at Everest College of Canada campuses is terminated effective today,” the EC spokesperson said in a statement to CTV News. “We are working with the Ministry to determine our next steps and will update all concerned parties as we gain more information.”

Speculation over the college’s future started in 2014 after its U.S. based parent company Corinthian Colleges put all 14 campuses up for sale. And this week Corinthian was suspended from public trading in the U.S. after it failed to meet a deadline to file financial information.

The province says the closure is meant to protect the more than 2,400 students currently enrolled at Everest. The government is making $3 million available to help students complete courses or to get refunds.

Everest has 15 days to appeal the decision and in the meantime representatives from the Ministry will be at the college for the next three days to inform students about what will happen next.