Art Institute to close

The Art Institute of Wisconsin will be one of 15 Art Institute campuses to close as parent company, Education Management Corp. of Pittsburgh, undergoes a massive restructuring, according to a report in the Milwaukee Business Journal.

The Art Institute opened in Milwaukee’s Third Ward in 2010 and offered studies in design, media arts, fashion, and culinary arts. The decision will affect a total of 5,432 students overall, and about 500 students and 200 staff members in Milwaukee.

New enrollees are no longer being accepted, but those already enrolled will finish out their programs through graduation.

Education Management Corp. recently converted its debt to preferred equity interests in order to reduce its debt from $1.5 billion to $400 million.