Why Capella Education Company laid off 63 people

“2011 was a year marked by a challenging economic environment and increased competition for the high-quality learners Capella serves.”

Capella Education Company CEO Kevin Gilligan on last year’s revenue drop and news that it had to lay off 63 non-faculty positions. The company owns Capella University.

(Note: The previous version of this post had an incorrect statement about the timing of the layoffs. They happened last year, a company spokesman told me.)

Read the full Reuters story here.