Chancellor University, a for-profit college based in Seven Hills, Ohio, that once faced extinction when it was known as the nonprofit Myers University, announced on Monday that it would close, according to The Plain Dealer of Cleveland.
The entrepreneur Michael Clifford bought Myers out of bankruptcy in 2008, after the institution fell on hard times, transforming it into a for-profit institution that offered most courses online. Chancellor recruited Jack Welch, a former chief executive of General Electric, to run a business-education institute that bore his name. Mr. Welch put $2-million into the institute at Chancellor but later moved it in a deal with Strayer Education Inc.
Last year Chancellor’s regional accreditor, the Higher Learning Commission of the North Central Association of Colleges and Schools, raised concerns about the university’s financial health and other issues, according to the newspaper. The university has withdrawn from its affiliation with the commission, effective in October, according to a statement on the commission’s Web site.
The university said in a news release that it had reached a teach-out agreement with Alliant International University, a private nonprofit institution based in California, to accommodate its remaining classes and students after its summer session ends, in August.
“Everyone at Chancellor is committed to making sure our students make a smooth transition to Alliant,” said Robert C. Daugherty, Chancellor’s president, in a written statement. “We are working to ensure each student’s individual needs are met and that all credits transfer in a seamless transition.”Return to Top