Temple University announced that it will not proceed with the acquisition of the University of the Arts (UArts), which abruptly closed in June. Temple leaders stated that after an exhaustive effort, it was not possible to find a solution that aligned with the university’s community and mission. This decision follows a demand from UArts bondholders for the immediate repayment of $51.6 million in debt, and amidst criticisms directed at the UArts board and administration for the sudden shutdown. The closure has left 330 former and prospective UArts students enrolled at Temple and sparked calls from the United Academics of Philadelphia for the UArts board to negotiate severance for unionized faculty and staff.
Higher Education, Debt Markets,United States, Philadelphia
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