Lebanon College in New Hampshire is expected to close following years of economic turmoil, The Valley News reported.

School officials announced that they have minimized operations and canceled classes at the private, nonprofit two-year institution for the upcoming fall semester, which were scheduled to begin the week of Aug. 25.

"Without a substantive increase in enrollment across the board and particularly in the areas of our allied health programs and certificates, we feel this is the first step towards closing Lebanon College," President Ron Biron said in an email, according to The Valley News. "It truly is disappointing to our entire team (who have) worked on creating an academic culture that is student-centered while adding value to local New Hampshire and Vermont employers. Ultimately, the response was not there!"

An official closure has not been announced, but the college replaced its website with a notice that it has suspended classes for the Fall 2014 semester.

Biron told The Valley News the college's focus has turned to "(working) with current students to make arrangements to complete their courses of study" and "working with (the college's) senior lender to discuss options for the future."

The college's financial struggles were compounded by the purchase of the "5,100-square-foot former Shoetorium space in the Lebanon Mall in 2008 for $725, 000," The Valley News reported.

The school currently has a debt of about $2.2 million in debt involving both its buildings on the pedestrian mall.

"It's always sad to see an enterprise close its doors. Unfortunately, that's the reality, whether it's a small business or a small college. That's the tough choices that have to be made," City Councilor Karen Liot Hill said.

She added that Lebanon College, through its educational courses, has served a valuable role in the community for quite some time."