The Memphis College of Art, a private institution in Tennessee, is closing, the college announced on Tuesday.
The closure was attributed to declining enrollment, mounting real-estate debt, and not having a plan for long-term financial sustainability. Administrators expect that the college will remain open through May 2020 on a teach-out plan, but it will cease recruiting new students.
Enrollment dipped to 305 students this year, The Commercial Appeal reports. The college employs 25 faculty members and 30 adjunct instructors.
“This has been a heartbreaking process,” Laura Hine, interim president, said in a written statement. “But we remain proud of the creative energy MCA artists have long brought to Memphis, and are eternally grateful to the donors and foundations who have sustained us throughout our 81-year history.”
In 2016 three small private colleges shut their doors, citing debt and declining enrollment.