Please Touch Museum to remain open after filing for bankruptcy

PHILADELPHIA (WPVI) -- The Please Touch Museum filed for bankruptcy Friday, but said it will remain open for business.

The museum ran into financial trouble when it borrowed money to re-locate Memorial Hall in Fairmount Park.

After two years of negotiations to restructure $60 million in debt, the museum decided to file for bankruptcy.

Under the terms of the settlement, the museum needs to raise $10 million by March of 2016.

Museum officials said they are already looking toward the future.

"I think this is really the start of a new beginning, and I think it's extremely exciting to know we've been able to come out of that in a way that really insures our viability in this community," said Lynn McMaster, Please Touch Museum President and CEO.

Officials announced a new exhibit opening in October that follows The Adventures of Clifford the Big Red Dog.