By Eric Hoover (The Chronicle of Higher Education).
The Princeton Review, a major test-preparation and tutoring company, has laid off numerous employees this year as part of a “corporate review and reorganization process.” In a written statement provided to The Chronicle, Sangje Lee, the new chief executive officer, said the company had “eliminated positions and reduced other expenditures” in an attempt to ensure its “financial health.”
In a subsequent email, Lee declined to say how many jobs had been cut. Three former employees with knowledge of the layoffs put the total at about 150. The Princeton Review now has nearly 300 full-time employees, along with about 4,000 teachers and tutors, Lee said. The first round of layoffs occurred in April, and another came in early August, according to several former employees.
The cuts are one indication that the Princeton Review is struggling to maintain a hold on the industry it helped create. Recent market research commissioned by the company suggests that it isn’t connecting with consumers, who have a wider array of test-prep options than ever before. A summary of the research findings obtained by The Chronicle says that “the Princeton Review is seen as a prestigious but often remote and inaccessible brand.” Read the Full Article
