Sweet Briar College, Citing ‘Financial Challenges,’ Will Close Its Doors in August

Sweet Briar College, a women’s liberal-arts college in Virginia, announced on Tuesday it would close its doors in August, citing “insurmountable financial challenges,” according to a news release from the institution.

“This is a sad day for the entire Sweet Briar College community,” said Paul G. Rice, chairman of the college’s Board of Directors, in the statement. “The board closely examined the college’s financial situation and weighed it against our obligations to current and prospective students, parents, faculty and staff, alumnae, donors, and friends. We voted to act now to cease academic operations responsibly, allowing us to place students at other academic institutions, to assist faculty and staff with the transition, and to conduct a more orderly winding down of academic operations.”

Various college leaders appear in a video on the college’s website explaining the decision. They cite, among other things, an all-time low percentage of accepted students who enroll at the college:

The Richmond Times-Dispatch notes that the college is the state’s third liberal-arts institution in two years to close, joining Saint Paul’s College and Virginia Intermont College. Founded in 1901, Sweet Briar has 328 employees, including 72 full-time faculty members. It enrolled 700 students this year.

The closure comes unexpectedly, without rumblings of accreditation disputes or outstanding debt, but it seems likely that the college faces many problems common to small colleges in general and women’s colleges in particular. Inside Higher Ed notes that the college has a $94-million endowment.

For more, see this Chronicle article.