Virginia Intermont College announced issued a statement Tuesday saying that its plan to merge with a larger university in Florida has collapsed, The Washington Post reported.

The struggling liberal arts college said the merger with Webber International University will not happen because the two schools did not have a "viable model" for merging, The Washington Post reported.

"This deeply saddens the administration and the Boards of each school, as we have very high regard for one another and we both strongly believe in Webber's goal of uniting small colleges in order to preserve their identities," Virginia Intermont College officials said in a prepared statement.

Virginia Intermont has been struggling financially and hoped that merging with a larger, business oriented school like Webber would get it back on its feet. The southwestern Virginia college reported 378 students in the fall term -- an enrollment decline of 35 percent since 2010. The merger would have taken effect in July.

Virginia Intermont said it would finish the spring semester and offer a summer session that ends June 27. Beyond then, there are questions.

"In the coming days we will take care of our students, address the needs of our employees, continue to work on our financial situation, and communicate with our partners and vendors," the college said. "We ask for the space and time to do this important work. That is especially critical for our students. Therefore no interviews will be granted at this time."

Virginia Intermont was founded in 1884 as Southwest Virginia Institute in GladeSpring, Va. It was started to create additional education opportunities for women, the College has been coeducational since 1972.

It is one of the many small private colleges that have faced recruiting troubles in recent years. St. Paul's College in Lawrenceville, Va., announced its closure last year amid declining enrollment and financial struggles.