The board of directors of the Weinstein company announced on Sunday evening that the company plans to file for bankruptcy, after failed sale negotiations, media reported on Monday.
The company attempted to find a way to avoid bankruptcy after more than 70 women accused film producer Harvey Weinstein, former chairman and one of the most influential figures in Hollywood, of sexual harassment and rape.
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Weinstein has denied having sexual relations with anyone without consent.
“The Weinstein company was engaged in an active sales process in hopes of preserving assets and jobs,” the board said in a statement published by some media outlets, including the San Francisco Chronicle and the Los Angeles Times.
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“Those discussions concluded without a signed agreement.”
The board had no choice but to follow “the only viable option to preserve the company’s values: an orderly bankruptcy process.” So far, there is no confirmation of this plan on the company’s website or Twitter.
