BATON ROUGE - ITT Technical Institute has announced it will officially close all of its campuses after federal sanctions were imposed against the company.

A statement from the for-profit college read as follows:

“It is with profound regret that we must report that ITT Educational Services, Inc. will discontinue academic operations at all of its ITT Technical Institutes permanently after approximately 50 years of continuous service. With what we believe is a complete disregard by the U.S. Department of Education for due process to the company, hundreds of thousands of current students and alumni and more than 8,000 employees will be negatively affected.”

The chain of colleges stopped new student enrollment last week after the school was banned from accepting students with federal aid.

ITT Tech has operated for more than 50 years. Around 40,000 students will be affected by the closure, according to the company. It employed around 8,000 people.