ITT Technical Institute is officially shutting down.

The for-profit college made the announcement in a press release Tuesday.

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."

Effective Tuesday, the company is eliminating the majority of their 8,000 employees.

For-profit schools have come under increased scrutiny recently and government actions have enhanced industry regulations.

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In an unprecedented move last month, the Department of Education barred the parent company of ITT Technical Institute from enrolling students on federal aid. Several days later, the school halted enrollment of all new students.

The company operates more than 130 campuses across the country in 39 states and online and has more than 40,000 students in both undergraduate and graduate programs.

All five of the school's Michigan's campus locations will close, which included Canton, Dearborn, Flint, Troy and Grand Rapids.

Enrollment has been dwindling at the schools. In July, the company said new student enrollment dropped nearly 22 percent to 9,910 in the second quarter compared to 12,638 in the same time a year prior.

Click here to learn more about the impact on ITT Tech's closing on students.