A 180-year-old private South Carolina university is closing after a $6M fundraising drive fails
Limestone University officials said that after two weeks of furious fundraising and other actions, they collected just a little over $2 million and had no choice but to close its campus in Gaffney and its online programs.
'Our Limestone spirit will endure through the lives of our students and alumni who carry it forward into the world,' said Randall Richardson, chair of Limestone University's trustees. 'Though our doors may close, the impact of Limestone University will live on.'
The university stunned its students, alumni and community when it announced earlier in April without warning that it was in such bad financial shape that without an immediate infusion of $6 million it would have to close.
More than 200 people gave a total of about $2.1 million, but it was not enough. The university said the donations will be returned.
South Carolina lawmakers decided not to step in because Limestone University is a private institution.
Private colleges and universities like Limestone have been closing at a rate of about two per month, according to the State Higher Education Executive Officers Association.
More colleges around the country have been closing as they cope with steep declines in enrollment, a consequence of both changing demographics and the effects of the pandemic.
Tens of thousands of students suddenly find their college careers in limbo and a number of them never return to school. Limestone University promised to help all its students transfer to other schools.
The closure will also leave several hundred professors and support staff without jobs in Gaffney, a city of about 12,500 people on Interstate 85 between Charlotte. North Carolina, and Spartanburg.
About 50 students gathered outside where trustees met Tuesday night and hugged as they got the email announcing the university was closing.
Daniel Deneen Jr. of Myrtle Beach played football for Limestone and was jarred that he had to change his plans for his education.
'When we found out the school had $30 million in debt, we all wondered how they were going to get out of it. The last two weeks have been very stressful with finals coming up this week.,' Deneen told The Post and Courier.
Limestone University, founded in 1845, will hold its final commencement Saturday.
Limestone isn't the only college in the region to announce it is closing this month.
St. Andrews University about 150 miles away in Laurinburg, North Carolina, will close on Sunday after the spring semester. The school is a branch campus of Webber International University.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
18 minutes ago
- Winnipeg Free Press
Jury orders Tesla to pay $329M in Autopilot crash case, opening it up to other costly lawsuits
MIAMI (AP) — A Miami jury ordered Elon Musk's car company on Friday to pay $329 million to victims of a deadly crash involving its Autopilot driver assist technology, opening the door to other costly lawsuits and potentially striking a blow to Tesla's reputation for safety at a critical time for the company. The federal jury held that Tesla bore significant responsibility because its technology failed and that not all the blame can be put on a reckless driver, even one who admitted he was distracted by his cell phone before hitting a young couple out gazing at the stars. The decision comes as Musk seeks to convince Americans his cars are safe enough to drive on their own as he plans to roll out a driverless taxi service in several cities in the coming months. The decision ends a four-year long case remarkable not just in its outcome but that it even made it to trial. Many similar cases against Tesla have been dismissed and, when that didn't happen, settled by the company to avoid the spotlight of a trial. 'This will open the floodgates,' said Miguel Custodio, a car crash lawyer not involved in the Tesla case. 'It will embolden a lot of people to come to court.' The case also included startling charges by lawyers for the family of the deceased, 22-year-old, Naibel Benavides Leon, and for her injured boyfriend, Dillon Angulo. They claimed Tesla either hid or lost key evidence, including data and video recorded seconds before the accident. Monday Mornings The latest local business news and a lookahead to the coming week. Tesla has previously faced criticism that it is slow to cough up crucial data by relatives of other victims in Tesla crashes, accusations that the car company has denied. In this case, the plaintiffs showed Tesla had the evidence all along, despite its repeated denials, by hiring a forensic data expert who dug it up. Tesla said it made a mistake after being shown the evidence and honestly hadn't thought it was there. It's not clear how much of a hit to Tesla's reputation for safety the verdict in the Miami case will make. Tesla has vastly improved its technology since the crash on a dark, rural road in Key Largo, Florida, in 2019.
Winnipeg Free Press
an hour ago
- Winnipeg Free Press
Lesotho's textile factories face closures despite US tariff cut
MASERU, Lesotho. (AP) — The southern African nation of Lesotho has had its U.S. export tariff reduced from a threatened 50% to 15% but its crucial textile industry still faces massive factory closures, officials said on Friday. Despite a reduction announced by U.S. President Donald Trump, the country's textile sector says it remains at a competitive disadvantage and faces ongoing factory closures and job losses. In April, the Trump administration announced a 50% tariff on imports from Lesotho, the highest among all countries. The tariffs were paused across the board but the anticipated increase wreaked havoc across the country's textile industry, which is its biggest private sector employer with over 30,000 workers. About 12,000 of these workers work for garment factories exporting to the U.S. market, supplying American retailers like Levi's and Wrangler. The Associated Press reported this week that clothing manufacturer Tzicc has seen business dry up ahead of the expected tariff increase, sending home most of its 1,300 workers who have made and exported sportswear to American stores, including JCPenney, Walmart and Costco. David Chen, chairperson of the Lesotho Textile Exporters, has warned that the U.S. government's move to reduce the tariffs offer little relief for the struggling industry as their competitors have lesser tariffs. 'Other countries which we are competing against are already being charged 10 percent, which makes it difficult for us to compete on an equal footing,' said Chen, singling out the east African country of Kenya as its strongest competitor with a more favorable 10% tariff. 'As a result, many factories will have to shut down,' said Chen. 'They had already been forced to lay off workers when the tariffs were first announced in April.' According to the Office of the U.S. Trade Representative, in 2024, U.S.-Lesotho bilateral trade stood at $240.1 million. Apart from clothing, Lesotho's exports also include diamonds and other goods. Classified as a lower-middle income country by the World Bank, nearly half of Lesotho's 2.3 million population live below the poverty line, while a quarter are unemployed. Monday Mornings The latest local business news and a lookahead to the coming week. Lesotho's Minister of Trade, Industry and Business Development, Mokhethi Shelile, said that while several meetings with U.S. trade representatives led to a reduced tariff, more needed to be done to lower it further. 'We remain committed to pushing for a further reduction to the minimum tariff level of 10 percent, which is essential for our textile sector to compete effectively in the US market,' he said. 'I have already communicated with the U.S. Embassy regarding continued negotiations.' Lesotho's neighbor and trading partner, South Africa, is also reeling after Trump announced a reciprocal 30% tariff for the country which is expected to significantly impact its agriculture and manufacturing sectors, among others. ____ AP's Africa coverage at:
Winnipeg Free Press
an hour ago
- Winnipeg Free Press
Hong Kong firm appeals for legal protection of investors as its Panama Ports contract faces lawsuits
HONG KONG (AP) — A subsidiary of a Hong Kong conglomerate entangled in U.S.-China tensions appealed on Friday for legal protection for businesses in Panama after the company's contract over its Panama Canal port assets has been faced with lawsuits in the Central American country. Respect for the rule of law is essential to assure businesses that Panama is a safe place to invest in, Panama Ports Company, under Hong Kong-based CK Hutchison Holdings, said in a statement. Panama's Comptroller General filed two lawsuits on Wednesday, seeking to declare unconstitutional a contract that granted the operation of ports at both ends of the canal to the Hong Kong subsidiary, and to nullify its renewal four years ago, saying it was 'abusive' of Panama's interests. In turn, Panama Ports Company said its operations have had a positive impact, from building world-class ports to creating more than 25,000 direct and indirect jobs and contributing billions of balboas — Panama's currency — to the country's economy. It said it wants to work with the government in Panama for a better future. 'Regarding the ongoing legal actions, we firmly believe that respect for legal protection and the rule of law are essential in order to provide businesses and investors with the certainty that Panama is a safe country to invest in,' it said. The company operates the ports of Balboa, in the Pacific, and Cristobal, in the Atlantic, under a concession contract approved in 1997 and renewed in 2021 for 25 more years. CK Hutchison is controlled by the family of Li Ka-shing, the southern Chinese city's richest man. Panama's comptroller authority in April said that an audit of Panama Ports Company found irregularities in the renewal of the concession. But the company denied allegations that it had failed to pay about $1.2 billion to the Central American country. CK Hutchison Holdings' initial plan, announced in March, to sell its port assets in dozens of countries to a group that includes the U.S. investment firm BlackRock Inc., also got caught up in tensions between Beijing and Washington. Monday Mornings The latest local business news and a lookahead to the coming week. U.S. President Donald Trump, who has alleged that China interferes with the canal, initially welcomed that plan. However, it apparently angered Beijing and drew a review by Chinese anti-monopoly authorities. After months of uncertainty, Hutchison said on Monday that it may seek a Chinese investor to join a consortium of buyers, which also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. The initial deal, valued at nearly $23 billion, including $5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the two at the Panama Canal. Panama Ports Company said Friday it would communicate with the Panamanian government 'at the appropriate time,' affirming that it believes engaging with the government 'is vital to discuss the way forward for' the company. Panama's government maintains it has full control over the canal and that the operation of the ports by Hutchison does not mean Chinese control of it.
