MEMPHIS, Tenn. (AP) — A Tennessee Catholic diocese says all Memphis Jubilee Catholic Schools will close at the end of the 2018-19 school year.

The Commercial Appeal reports the closure includes Memphis Catholic Middle and High Schools, St. Michael Catholic School and eight other Jubilee elementary and middle schools.

Catholic Diocese of Memphis communications director Vince Higgins says finances influenced the closure as few students pay tuition and those who do often pay only partial. The Jubilee schools serve more than 1,500 students of various grades and ages, many of whom live in poverty.

Higgins says the financial trust funding the schools is "nearly depleted."

However, the Tuesday announcement said an unnamed charter network will apply to open new schools to replace closing ones. If approved, the schools couldn't legally have a religious focus.

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Information from: The Commercial Appeal, http://www.commercialappeal.com