Financial Woes Deepen at LeMoyne-Owen College

Robert Lipscomb, chair of the board of trustees of LeMoyne-Owen College, the historically black educational institution in Memphis, reports that the college needs to raise $2.9 million by the end of June or it may be forced to close.

The college has been in financial difficulty for several years and is currently on accreditation probation from the Southern Association of Colleges and Schools.

In addition to its cash flow problems, the college has $6 million in long-term debt.