FRAMINGHAM — Test prep and online learning company
The company said it will close certain program offices and offer severance to full-time employees. The company didn’t state how many jobs will be affected.
Calls to the company were not immediately returned.
Princeton Review said it will incur about $2.6 million in expenses for the quarters ended June 30 and Sept. 30 relating to lease termination and layoffs.
The company said “recent philosophical changes at the state and federal levels have significantly altered the landscape’’ for such programs and hurt growth opportunities.
The program, called Supplemental Educational Services, worked with about 100 school districts across the country to create free tutoring services for students. The decision does not affect Princeton Review’s test preparation business.
Shares of the company slumped 13 cents, or 4.7 percent, to close at $2.64.
