Please Touch Museum to remain open after filing for bankruptcy

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Despite filing for bankruptcy, the Please Touch Museum said it will remain open for business. (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.

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