The board of trustees voted to shut down the private Catholic liberal arts college due to financial struggles and declining enrollment.
Currently, it has 500 full time students and 140 full time staff members.
""This is an extremely sad day for Marymount and for the legacy and traditions lost, both for our campus community and the local Palos Verdes area we have called home for more than 50 years," said university president Brian Marcotte. "This decision was not made lightly. But we felt the most compassionate thing to do was to give everyone time to make plans. Our focus now will be to help our students, faculty and staff."
The school was founded in 1968 as a two-year Catholic junior college named Marymount Palos Verdes College and later changed its name as it expanded and offered four-year degree programs.
The focus now is on transitioning those students to other universities for the fall semester and helping faculty and staff find new jobs.
The Rancho Palos Verdes campus officially closes at the end of the summer session on Aug. 31.