Regency Beauty Institute suddenly closes all 79 campuses

WILLOUGHBY, Ohio-- The Regency Beauty Institute announced it is closing all 79 campuses on Wednesday, in a statement on its website.

The cosmetology school, which has operated for more than 50 years, posted the following statement online:

"How did this happen? In short, the organization does not have the cash to continue to run the business. There are multiple intertwined reasons: declining numbers of cosmetology students nationwide, a negative characterization of for-profit education by regulators and politicians that continues to worsen and, in light of these factors, an inability to obtain continued financing.

"This is not another case of a school being forced to shut down because it was accused of wrongdoing. We held ourselves to high educational and ethical standards. The environment is simply not one that allows us to remain open. We diligently explored a range of strategic options that would benefit our students, teachers, and staff — and allow us to remain open. Unfortunately, those efforts were not successful."

Students can pick up personal items on Thursday from 3 p.m. to 5 p.m. and Friday from 11 a.m. to 1 p.m. They will receive their final transcripts in the mail. More information can be found here.