Karen Farkas of The Plain Dealer reported July 8, 2013 that Chancellor University announced it is closed. The institution was originally founded in 1848 as Folsom's Business College. Farkas notes that it evolved over time through several mergers to become Dyke College in 1958 and moved to a building on East Sixth Street in Cleveland, OH. There was another move in 1985 to a location on Prospect Avenue. The Prospect Avenue building was renovated and suburban campuses were opened. The name was changed to David N. Myers University in the summer of 2001 and later closed in December 2007 due to financial problems. Michael Clifford bought Myers out of bankruptcy for $5.25 million in the summer of 2008 and worked with others to transform the school into Chancellor University, a for-profit institution focusing on courses offered online.
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