Geo Group Inc. to close a correctional facility in Michigan
Announced in May of 2022, the North Lake Correctional Facility in Baldwin, MI, a facility that is a joint venture between Geo Group and the Federal Bureau of Prisons (FBP), will be closed on September 30th due to the FBP choosing not to renew their contract with Geo Group as part of a broader policy shift enacted by the President which aims to halt the renewal of federal contracts with private, for-profit prisons. Overall, this represents a broader challenge for the Geo Group and the Correctional Facilities industry in the US.
Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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