Facing a “steep” cash shortfall, California-based University of Saint Katherine is closing and will file for bankruptcy, President Frank Papatheofanis said in a letter to campus posted on social media last week by one of the institution’s sports teams. Behind the private nonprofit’s crunch in operating cash is “extraordinary inflation,” including salary increases, as well as high institutional financial aid, the president added. He did not immediately respond to a request for comment. Papatheofanis sent the letter announcing the closure on Thursday, the same day the university planned to cease all operations and employment. It will “pursue and consider any opportunity we can identify” while going through the bankruptcy process, Papatheofanis said.
