OAKDALE, N.Y. (AP) — A struggling liberal arts college on Long Island that was set to close its doors this week will stay open for now.
Dowling College said in a statement Wednesday that its trustees voted to rescind their motion to close the school.
The college's president said last week it would be forced to shut down after months of negotiations aimed at finding an academic partner to help keep it afloat failed.
A college spokesman said Wednesday it is negotiating with an academic investment firm based in the United Kingdom and anticipates a deal will be finalized soon. He said the deal would put the college on a solid financial footing.
A New York Board of Regents official said Dowling is about $54 million in debt. Its enrollment has dropped 50 percent since 2009.