CHICAGO — In a significant move, Chicago Public Schools (CPS) has announced the closure of two charter high schools due to financial constraints.

CPS officials have stated that the schools are unable to secure the necessary funds to continue operations.

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This decision marks a first in Chicago’s history, as CPS has never before permitted a school to shut its doors before the academic year concludes.

Both CPS and the ASPIRA charter network have indicated that the schools will be unable to operate beyond April due to financial limitations.

Facing a substantial deficit nearing $5 million, ASPIRA leaders are set to appeal to the district on Friday for financial assistance.

This closure affects over 570 students and numerous staff members at two high schools located on the city’s Northwest Side: ASPIRA Business & Finance High School and ASPIRA Early College High School.

CPS has already given over $2.5 million to the charter school to help sustain operations, and says it reached the legal limit of funding it can provide, under Illinois law.

In a letter sent to CPS earlier this week, ASPIRA said it’s pursuing short-term financing and fundraising campaigns to finish the school year.

But CPS said the school has not outlined a clear path forward by providing the required financial documents, like its 2025 audit and payroll records.

Although a mid-year closure is unprecedented for CPS, the district told the ASPIRA board this week it’s moving forward with student transitioning.

That will include working with families to find a school that meets their child’s needs.

School leaders, parents, students and teachers were planning to speak Friday morning, but the press conference has been postponed.