MEMPHIS, Tenn. (AP) — The Memphis College of Art says it is no longer recruiting new students and it is preparing to close.

The Memphis, Tennessee-based college said Tuesday that it will begin winding down its operations in a process that will last through May 2020. The school, located in the Midtown area of Memphis, says is not admitting students, though it plans to fulfill its obligations to existing students in good standing.

The school says it is closing because of declining enrollment, overwhelming real estate debt, and "no viable long-term plan for financial sustainability." The college currently has about 300 students and 75 faculty and staff.

A statement released by the college says its situation is not unique, as "small private colleges face financial challenges across the country."