Saddled with $10 million in debt and with only 41 students currently enrolled, the San Francisco Art Institute has declared Chapter 7 bankruptcy, and the school appears to be liquidating all assets and calling it quits.
We’ve been hearing stories for a while that the 152-year-old San Francisco Art Institute might only survive another year, or that it might have to sell off its prized Diego Rivera mural The Making of a Fresco Showing the Building of a City (a deal that ended with two vice-chairs being forced to resign.) The art school’s latest hoped-for lifeline had been a merger deal with the University of San Francisco, but that too fell through last summer, The institute closed its main campus last year,…