The embattled Chancellor University will close in August, the Cleveland Plain Dealer reports . Chancellor, a for-profit institution located in Cleveland, enrolled fewer than 250 students earlier this year and planned to drop its regional accreditation  in the fall. The university was formed in 2008  when a group of investors, led by Michael Clifford, purchased Myers University, a struggling private nonprofit institution. Chancellor later landed Jack Welch, the former chairman and CEO of General Electric Co., to help run the university's management school. But Strayer University subsequently purchased  the Jack Welch Management Institute.