(WHAS11) -- A New Albany school with a long history in the community is closing its doors.
The Archdiocese of Indianapolis announced late Thursday night St. Mary's Academy will close May 31 because of financial difficulties. They said the school on 8th Street near Downtown New Albany will be more than a million dollars in debt by June.
The Archdiocese said it will forgive the money by the close of the school.
St. Mary's has been at its current location for 64 years and has 139 students in preschool through eighth grade.