March 01, 2016
Philadelphia's Please Touch Museum is close to achieving its fundraising goal that could help it emerge from bankruptcy, reports say.
The beloved children’s museum in West Philly has received $5.73 million in pledges, according to Philly.com, putting it a few thousand dollars from raising the money needed to remain operational.
After filing Chapter 11 bankruptcy last fall in an attempt to settle a $60-million debt, the Please Touch Museum and its bondholders agreed on much lower payoff -- $8.75 million. Subtract the $2.5 million Please Touch immediately paid to bondholders, and that left the museum with a fundraising goal of $5.75 million.
Several large donations have helped move the iconic 40-year-old museum toward its goal. In September, the Please Touch Museum received anonymous donations of $1 million and $250,000.
In November, another anonymous donor contributed $3.25 million. Museum officials announced that donation while simultaneously naming Trish Wellenbach as the new CEO.
The city of Philadelphia also has helped, giving the Please Touch Museum a grant of $550,000 toward its general operating expenses. Philadelphia officials also reduced parking taxes the museum owes, trimming its bill from $638,477 to $538,022.
Read the entire Philly.com report here.
