The Art Institutes — which at one time had more than 50 locations — closed its eight remaining colleges last fall following several troubled years..
The first Art Institute was founded in Pittsburgh in 1921 and was acquired by Education Management Corp., or EDMC, in 1970. Under the latter years of EDMC’s ownership — starting not long after a private equity takeover of the company — the company began running into financial challenges amid enrollment declines and legal issues.
