JACKSON, Tenn. - Officials of Lambuth University have decided to close the school after 168 years.
After a board of trustees meeting, officials announced on Thursday afternoon that the United Methodist Church-affiliated private university would close its doors on June 30 after struggling financially for years and losing its accreditation in December.
Sophomore April Denison cried after hearing the news.
"It's like a death," the 20-year-old English and psychology major told The Jackson Sun. "I had a plan B in case it did (close), but I didn't want to have to use it. I've only been here two years, but Lambuth has given me so much and I'm so grateful."
In the time between now and July, Lambuth will focus on graduating the roughly 90 students who will be eligible to earn a degree. Officials also are working to establish agreements with four other colleges that would allow undergraduates who wanted to transfer to keep their full credits and pay equivalent tuition costs.
"Our top priority has been our students," Lambuth President Bill Seymour said.
"It's a heart-breaking decision," he said. But under the circumstances, "it was the right decision and the responsible decision."
Seymour said the school, which opened in 1843, is looking at ways to maintain a college on the campus. Recently there have been discussions about a possible takeover by the University of Memphis, and that idea has received support from Jackson's mayor and several state legislators.
But state officials have said public money could not be used to purchase a private university, so the campus would have to be given to the state. And Lambuth's debts would have to be paid off first.
Board of trustees Chairman Mike Keeney said Lambuth's board, which owns the university, is going to have to fund the closing and transition process.
"We would like to develop plans that would provide jobs for the faculty, maintaining the name of the university, its buildings, storing our records and continuing academic programs," Keeney said.
Lambuth officials would not provide details on Thursday about how much debt the university has or how much the acquisition of the campus would cost.
Seymour, who began as Lambuth's president in November 2009, said he understood the difficulties the school was facing when he took the job, and he tried every idea possible not to close the school.
"I understood the financial and probation issues. We were trying to pull a university out of financial troubles during the worst economic times. We gave it our all."