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This study focuses on a complex and challenging change for principals: leading through a school closure process. Grounded theory methodology was used to explore the question: What insights into leadership do principals gain from leading a school community through a closure process? Based on interviews with 12 principals who had recently led through school closures in two large urban school districts, a leadership theory emerged with four categories: principal as a clarifier of roles and responsibilities, principal as an emotional barometer, principal as an intentional communicator, and principal as a navigator through tensions and paradoxes. This study aimed to enhance the knowledge of principals who are about to lead a school community through a process of school closure.