A cosmetology school that has been in business for 50 years suddenly shut down of all its 79 campuses on Thursday.
Regency Beauty Institute, which has 10 locations in Illinois including one at 15931 Harlem Ave. in Tinley Park, announced the decision in a statement on its website.
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.
The closings were effective immediately, as of Wednesday, Sept. 28. Students are advised they may 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.
Regency is working to establish "teach-out" arrangements that will help students complete their training. The institute will work with creditor (NACCAS) and the state boards to secure agreements with accredited schools close to each closed campus. Find out more online.
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