School systems across the country are experiencing collateral damage from the Great Recession and struggle to balance their budgets in the face of decreased local revenue, cuts to state funding, and the disappearance of federal stimulus and jobs money. School district leaders describe their fiscal problems in crisis terms, and respond to immediate budget shortfalls by reducing operating costs, of which by far the largest proportion (up to 80%) is personnel. This means laying off teachers, eliminating central office jobs and seeking concessions from unions. And where such actions are insufficient to bridge budget gaps, instructional programs and student transportation are cut. Increasingly, staff reductions are accompanied by school closures. The current spate of closures raises a number of issues, most of which reflect uncertainties that complicate the task of district leadership that must decide if shuttering facilities is the right way to address a (hopefully temporary) budget challenge. The author asserts that shuttering a school can have widespread and lingering consequences in a neighborhood, often falling disproportionately on poorer communities. The author suggests that school district leaders considering closing a school must make difficult decisions. Uncertainties and ramifications far beyond the immediate budget issue make the task enormously difficult. All costs and indirect consequences are to be identified and carefully evaluated.