Judson College board of trustees vote to close school
MARION, Ala. (WBMA) — The Judson College Board of Trustees voted to close the 183-year-old institution on Thursday, May 6 after "several multi-million-dollar fundraising efforts" to keep the school open.
The college said it explored potential mergers and donors, but new developments during the first few days of May forced school officials to prepare the board for the reality of the college's financial situation.
Board officials said Judson's student enrollment dropped from 145 to 80 returning students, with 41 seniors graduating at the end of April.
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The board voted to suspend all academic operations at the end of the summer term on July 31 and move through orderly closing through a Chapter 11 bankruptcy.
The board will create a five-member committee from its Executive Committee to work with administration and bankruptcy counsel as it closes.
Judson President W. Mark Tew said that the continued financial strains caused by all of these factors came to a head when one of Judson's creditors called the note on a loan, which was due (and not renewed) two days before the May 6 scheduled board meeting.
"We know this was the right decision, but there is not a person here whose heart isn’t broken over this. I share the heartbreak of this decision that is felt by generations of Judson students, faculty, and friends'" said Tew.
