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As lease and labor costs have piled up in recent years, the chain is reportedly considering filing for bankruptcy.
The cancellation of the end-of-school-year music festival comes days after the university said it has reached a stalemate in negotiations with organizers of a pro-Palestinian encampment.
The shelter at the former Wadsworth Elementary School building, 6420 S. University Ave., was recently 'decompressed' and all residents were moved to other temporary shelters or have found permanent housing, city officials said.
The Wall Street Journal said the sale could fetch between $3 billion to $5 billion.