PORTLAND, Ore. (AP) — Marylhurst University is closing after 125 years.

Chip Terhune, Marylhurst board chair-elect, said Thursday it was a sad and difficult decision, but there is no viable financial path for staying open.

He says the university located south of Portland will cease operations by the end of 2018.

Like many small, private liberal arts colleges and universities, Marylhurst has seen a steady decline in enrollment. Only 743 students are enrolled now — down nearly 50 percent from four years ago.

The university says it's preparing transfer plans for undergraduates and working with some students who may be able to complete their degrees by taking additional summer classes.

Following the closure, the campus will be returned to the Sisters of the Holy Names, the religious order with which the university is affiliated.