Sweet Briar College (SBC), a 114-year-old private women's school, has announced it will close after the conclusion of the current academic year.

According to the Richmond Times-Dispatch, the school outside Lynchburg, Va. released its announcement Tuesday, citing "insurmountable financial challenges."

The official announcement came in a news release and a video message from the school's president, James F. Jones Jr.

"While the College has long been part of my life, as my wife is a 1969 graduate, my role as president has taken on more meaning than I could ever describe," Jones said in the release. "The board, some key alumnae and I have worked diligently to find a solution to the challenges Sweet Briar faces. This work led us to the unfortunate conclusion that there are two key realities that we could not change: the declining number of students choosing to attend small, rural, private liberal arts colleges and even fewer young women willing to consider a single-sex education, and the increase in the tuition discount rate that we have to extend to enroll each new class is financially unsustainable."

Starting immediately, Sweet Briar officials said they would be assisting current students and anyone accepted for next year to find a different school.

"This is a sad day for the entire Sweet Briar College community," Paul G. Rice, SBC board chair, said in the release. "The board closely examined the College's financial situation and weighed it against our obligations to current and prospective students, parents, faculty and staff, alumnae, donors and friends. We voted to act now to cease academic operations responsibly, allowing us to place students at other academic institutions, to assist faculty and staff with the transition and to conduct a more orderly winding down of academic operations."

SBC will hold a special career fair in mid-March to help students find schools to transfer to. Then there will be the school's final commencement ceremony May 16 and a final Reunion Weekend May 29-31. The school officially closes Aug. 25.

"As we faced this difficult decision, our guiding principle has been to enable the Sweet Briar community members to hold their heads high, knowing the College exited higher education with honor and integrity," Elizabeth H.S. Wyatt, vice chair of the board of directors, said in the release. "If we make the decision to close now, we will have a better opportunity to conclude academic operations in an orderly, compassionate and ethical way that pays homage to those who are here today and to those who came before us."