Regency Beauty Institute has closed all 79 of its campuses after 50 years of business serving cosmetology students.

The school said the closing had nothing to do with any wrongdoing on its part, as was the case when ITT Technical Services announced it would shut down all 130 of its ITT Technical Institute campuses earlier this month. Instead, Regency closed its campuses because it does not have enough cash to fund operations, ABC13 News reports.

“We have held ourselves to high educational and ethical standards,” the company wrote on its website. “The environment is simply not one that allows us to remain open.” Regency leaders said they looked into a variety of strategic options that would allow them to remain open while simultaneously benefiting teachers, students and staff, but found none satisfactory.

Of the 79 campuses, five were located in Minnesota, and several in Texas, Arizona and more. Much to students' surprise, doors were abruptly locked Sept. 28. [ABC]