Bay Area Regional Medical Center is closing its Bay Area Regional facility and will file for bankruptcy next week, the company announced Friday. Almost all of the 700 of the hospital's staff will not have jobs after the closure, company officials said. Some staff members will be retained until the bankruptcy is completed. “It is with a heavy heart that I announce that Bay Area Regional will close its doors on May 10, 2018,” Stephen K. Jones, Jr., CEO of Bay Area Regional said in a statement. “We want to thank our staff who worked tirelessly, physicians who chose to practice medicine and patients who received care at our hospital.” The hospital about 115 patients who were receiving care as of Friday morning, said Santiago Mendoza, Jr., senior vice president and public information officer for the medical center. Some will be able to be discharged safely, but patients needing continued care will be transferred to area hospitals that have agreed to receive them, he said. Bay Area Regional had invested $200 million in the past five years for construction and operation, according to a news release. It opened in July 2014. Mendoza said that utilization of the hospital was not an issue contributing to the closure. "In the latest market share data that just came out, we were the second busiest hospital in this market for most service lines and the No. 1 in for orthopedics. It's a shame we're closing," he said. "Unfortunately we were not able to get favorable contracts with managed care companies, insurance companies."