LOUISVILLE, KY. (WDRB) -- 139 students are looking for a new school after St. Mary Catholic Academy in New Albany closed its doors.

The Archdiocese of Indianapolis says since 2005, St. Mary Parish and its school have been running an operating deficit that is now $1.2 million.

The Archdiocese has been loaning the school and church money to cover the debt.  The school has 139 students in pre-school through eighth grade and had a principal and 12 full-time teachers.

Parents were notified of the closure in January.

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