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The American Academy of Art College, a for-profit art school in downtown Chicago, is closing, Crain’s Chicago Business reported.
“It is with great regret and heavy heart that I must inform you that the American Academy of Art College due to financial difficulties stemming from losses arising out of persistent low enrollment, the board of directors [sic] has found it necessary to cancel our upcoming fall 2024 class and close operations,” President Richard Otto wrote in an email to the community, according to Crain’s.
Robert Drea, chair of the college's photography and digital media department, told Crain’s that during his tenure, enrollment had dropped from a peak of about 450 students to roughly 88 students this past year.
“The academy was a special place for a lot of people, faculty, students, administrators, and we’re all very sad that the curtain has been rained down,” he told Crain’s.
With many institutions facing enrollment declines and financial challenges, college closures, mergers and cutbacks have spiked in the last year.
