school closing ceremony
A formal ceremony held when a school is permanently closed. Not to be confused with a graduation or end-of-term ceremony.
Due to the declining birthrate, a closing ceremony was held for the elementary school that will close at the end of this school year.
終業式 is an end-of-term ceremony, not a school closure ceremony.
Compound of 閉 (へい, 'close') + 校 (こう, 'school') + 式 (しき, 'ceremony').