Toronto School of Art Closes Due to Bankruptcy
A very unmerry Christmas for the staff and students at The Toronto School of Art this week. The 1,200 students and 50 faculty members were left without a school, as operations were abruptly shut down due to bankruptcy.
The closure brings to end the school’s 43-year run and has been attributed to declining enrollment numbers in recent years. Faculty and students were notified Thursday night and told they had until 1 p.m. Friday to clear out their art supplies.
Some students tried to do their part and discussed other kinds of fundraising to keep the doors open. However, school officials said it was too late and told students the school was already bankrupt, with debts that included rent and salary.
Some staff members have said they knew the school was in financial trouble, but didn’t think the situation was this dire. They also added that this week is payday and there has been no confirmation that the staff will receive any payment at all.
As for the students, there is no word on whether they will receive tuition refunds anytime soon, or if they can transfer their credits to another arts school.