Regency Beauty Institute announced it is permanently closing its doors due to financial reasons. The abrupt closure began Sept. 28 and affects all 79 campuses nationwide, including its Plano location at 1017 N. Central Expressway, Ste. 200.

“How did this happen? In short, the organization does not have the cash to continue to run the business,” according to the Regency Beauty Institute website. “We held ourselves to high educational and ethical standards. The environment is simply not one that allows us to remain open.”

Students may pick up their personal items Sept. 30 from 11 a.m.-1 p.m. and final transcripts will be mailed to every current student immediately.

Many accredited cosmetology schools have reached out to Regency eager to accept new students to complete “teach out” agreements, according to Regency. These agreements would allow students to complete their program at another accredited school at a typically lower cost than a standard transfer student. This information will likely be posted and announced on Regency’s website Oct. 3.

“We diligently explored a range of strategic options that would benefit our students, teachers and staff–and allow us to remain open. Unfortunately, those efforts were not successful,” according to the website.