GUILFORD COUNTY, N.C. -
A storied private school claims it has come up with the money to reopen for fall classes.
Late Friday afternoon, Oak Ridge Military Academy president Roy Berwick released this statement:
"The current Oak Ridge Military Academy Board of Trustees elected a new board of trustees made up of friends and supporters called "The Friends of Oak Ridge Military Academy."The new board of trustees has decided to continue the operation of Oak Ridge Military Academy. We defer all comments until the new board of trustees has had time to prepare and to formulate their plan of action. We believe this is a positive step in the right direction for the long term stability of Oak Ridge Military Academy."
Friday's announcement came as the school struggles to find a way to pay off nearly $5 million in debt.
"We believe this is a positive step in the right direction for the long-term stability of Oak Ridge Military Academy," Col. Berwick said in a short statement.
Berwick stresses fall classes are scheduled to begin August 24.
He would not identify any members of the new board of trustees, admitting some members don't know they've yet been elected.
Academy staff has reportedly agreed to five percent pay cuts. Berwick did not mention whether any effort would be made to repay faculty and staff members, who went at least five weeks without pay during the spring semester.
Berwick also said Oak Ridge has canceled their five week summer programs because of a lack of enrollment.
"Well at least they didn't say they were closing down. That's great news," said Oak Ridge Mayor Ray Combs.
"It's such an institution and these are such difficult times we're going through so it would be just amazing if something good came out of this," said business owner Gary Allen.
Since the end of the last school year, there's been talk of some outside help saving Oak Ridge from a weak economy and decreased enrollment.
While there's still no explanation as to how the school will sustain itself, the academy plans to graduate another class, continuing a more than century and half-long tradition.
"The current Oak Ridge Military Academy Board of Trustees elected a new board of trustees made up of friends and supporters called "The Friends of Oak Ridge Military Academy."The new board of trustees has decided to continue the operation of Oak Ridge Military Academy. We defer all comments until the new board of trustees has had time to prepare and to formulate their plan of action. We believe this is a positive step in the right direction for the long term stability of Oak Ridge Military Academy."
Friday's announcement came as the school struggles to find a way to pay off nearly $5 million in debt.
"We believe this is a positive step in the right direction for the long-term stability of Oak Ridge Military Academy," Col. Berwick said in a short statement.
Berwick stresses fall classes are scheduled to begin August 24.
He would not identify any members of the new board of trustees, admitting some members don't know they've yet been elected.
Academy staff has reportedly agreed to five percent pay cuts. Berwick did not mention whether any effort would be made to repay faculty and staff members, who went at least five weeks without pay during the spring semester.
Berwick also said Oak Ridge has canceled their five week summer programs because of a lack of enrollment.
"Well at least they didn't say they were closing down. That's great news," said Oak Ridge Mayor Ray Combs.
"It's such an institution and these are such difficult times we're going through so it would be just amazing if something good came out of this," said business owner Gary Allen.
Since the end of the last school year, there's been talk of some outside help saving Oak Ridge from a weak economy and decreased enrollment.
While there's still no explanation as to how the school will sustain itself, the academy plans to graduate another class, continuing a more than century and half-long tradition.
