Funding scandal-hit Croft schools in Boston to close this summer after all

Administrators at the Croft School, struggling after allegations of financial fraud, haven’t been able to find a buyer for its Boston locations, which will now close at the end of the school year, parents were told Friday.

Millions of dollars were raised by families and community members to keep the private school open for a few more months while Croft School administrators scrambled to find a buyer. But in Friday’s email, the chief restructuring officer and independent sale advisor said that two parties expressed interest but they ultimately had to pivot toward winding operations down.

“To be clear, the 2025-2026 school year will be completed based on the availability of parent funding. However, without a viable timetable for a transaction, we are faced with this difficult decision,” the email said.

About 350 students had attended the Croft School’s three campuses, two in Boston and one in Providence. Regular tuition starts at $31,000, according to the website.

Millions were raised to keep the private school open for a few more months but the Croft School is looking for a buyer as a long-term fix to its financial problems.

More than 60 families unenrolled from the South End campus over the weekend, the email said.

News of the debt crisis surprised parents in March, when the school’s board revealed in a letter that founding Executive Director Scott Given admitted to fabricating a letter of credit regarding a possible expansion and keeping two sets of books, overstating the school’s revenue while understating its expenses.

The discovery that the school was more than $13 million in debt came after police were alerted to possible fraud. The school has said it’s cooperating with multiple investigations involving Given, who has been suspended.

The private school, with two locations in Boston and one in Providence, requires $5 million to stay open for the rest of the schoolyear.

Given has been sued by at least one Boston parent, accusing him of running a Ponzi scheme. His legal team has said he has no comment.

Parents rallied to save the school, raising enough funds to keep classes going.

The officials in charge of the sale noted “how hard many of you worked to maintain The Croft School as you know it,” but added that the “difficult circumstances, uncertain financials and condensed timeframe made this a trying environment for purchasers to timely make a binding offer for the schools.”