LYNCHBURG, Va. (WDBJ7) — The Catholic Diocese of Richmond's Office of Catholic Schools said Tuesday that Holy Cross Regional Catholic School will shut its doors at the end of the current school year.
According to a press release, enrollment over the last 17 years has declined by 61 percent, causing increased financial issues. The diocese had offered guarantees since 2012 in an effort to help Holy Cross obtain over $3 million in low interest-rate loans meant to give the school time to try strategies to grow enrollment and raise funds.
The press release goes on to say that the school recorded operating losses of $95,000 to $360,000 in each of the last five fiscal years.
The school has been a part of the Lynchburg community since 1879. The most recent previous school closing by the diocese dates back to 2010 in Norfolk.
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