The company had been seeking a deal that would spare it from bankruptcy after more than 70 women accused film producer Harvey Weinstein, its ex-chairman and once one of Hollywood’s most influential men, of sexual misconduct including rape. Weinstein denies having non-consensual sex with anyone.
“The Weinstein Company has been engaged in an active sale process in the hopes of preserving assets and jobs,” the board said in a statement, reported by newspapers including the San Francisco Chronicle and the Los Angeles Times. “Today, those discussions concluded without a signed agreement.”
The board had “no choice but to pursue its only viable option to maximize the Company’s remaining value: an orderly bankruptcy process.”
There was no immediate confirmation of the plan on the company’s website or Twitter feed.