"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."

ITT made the announcement on Tuesday morning, WJRT-TV reports.  Nearly all 8,000 employees will be let go.  40,000 students on 130 campuses in 38 states will be affected.

ITT has five Michigan campuses.