By Mike DeNardo

PHILADELPHIA (CBS) — A troubled Philadelphia charter school is shutting down, rather than fighting for its life in court.

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The board of the Truebright Science Academy, in the Olney section of the city, has decided to give up its legal fight and close down, leaving 350 students and 35 employees looking for new schools and jobs.

Truebright had been unsuccessfully fighting the School Reform Commission’s 2013 decision not to renew the school’s charter, for poor academic performance.

The school, which opened in 2007, could have appealed its latest Commonwealth Court loss to the state Supreme Court.  But Truebright attorney Brian Leinhauser says as far as board was concerned, it wasn’t worth it.

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“The expenditure of the money outweighed the chances of success,” he told KYW Newsradio this morning, “and they decided it was more prudent to close up shop.”

Leinhauser says employees will not receive severance pay but will be eligible for unemployment benefits.

He says Truebright will wind down operations, pay off its existing debts, and transfer student records to the School District of Philadelphia.

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Parents with questions about transfers can call the school district’s charter office at 215-400-4090.