Chancellor University Closing

Chancellor University in Seven Hills, Ohio is closing in late August after 165 years of operation.The school did not provide reasons for closing, but it has been facing financial problems since the early 2000s. The school closed between 2007 and 2008 before it was bought out of bankruptcy and turned into an online-only, for-profit university. Former General Electric CEO Jack Welch founded his management institute at the university, but severed ties in December 2011.The university's students will be transferred to a California-based, not-for-profit school. The school educated American businessmen John D. Rockefeller and Harvey Firestone.