RALEIGH, N.C. (WNCN) – Local education group North Carolina New Schools will shut down Friday after 13 years due to financial issues, according to a release from the organization.

According to their website, “NC New Schools/Breakthrough Learning is one of the largest public school innovation agencies in the country. We are a professional services agency focused on developing high-performing schools and districts.”

The group “sought to embed into schools and districts a systematic approach to developing skilled educators and leadership.”

There are 72 employees, 70 full-time and two part-time, who work at NC New Schools, the release said. They were notified Thursday and will be paid through the end of the week.

The group cited “financial issues” as the reason for shutting down.

According to the release,

Financial issues focus on cash flow. NC New Schools had grown rapidly in recent years, launching Breakthrough Learning to take the NC New Schools approach to schools and school districts in other states. This year, for example, Breakthrough Learning worked with schools in Illinois, Indiana, Mississippi and South Carolina.

Cash flow challenges are not unusual in fast-growing organizations. The NC New Schools business model of negotiating fees for services with schools, subsidized by donations and grants, ultimately proved to be unsustainable.”