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Harvey Weinstein's Company to Declare Bankruptcy

Harvey Weinstein's Company to Declare Bankruptcy

The Weinstein Company will declare bankruptcy after a $500 million deal to sell the company collapsed.

The company, which was co-founded by Harvey and Bob Weinstein, made the announcement on Sunday (February 25), according to Variety.

A sale was close to being announced exactly two weeks ago, but the lawsuit filed by New York Attorney General Eric Schneiderman reportedly caused the deal to fizzle.

“Despite your previous statements, it is simply impossible to avoid the conclusion that you have no intention to sign an agreement – much less to close one – and no desire to save valuable assets and jobs,” a letter from the company to the bidding group lead investors Ron Burkle and Maria Contreras-Sweet reads.

The bid group was reportedly unwilling to put immediate cash up to keep the company afloat with their operating expenses.

“We will now pursue the Board’s only viable option to maximize the Company’s remaining value: an orderly bankruptcy process.”

For the full letter, head to Variety.com.

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Photos: Getty Images
Posted to: Bob Weinstein, Harvey Weinstein

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  • Mia

    there’s more people like him in the industry why he’s the only person getting bashed that much? (not defending him) there’s james franco, kevin spacey and hundreds more! time’s up motherfuckers not just for harvey but for yall

  • cafeast

    lol, everyone involved in that company has tens if not hundreds of millions of dollars. No need to feel sorry for all these a-holes who knew all about the hog and let it slide. It is the ‘help’, fresh entry levels and long suffering assistants that will suffer.
    I bet many will try to move to LA now.

  • Michelle Friend


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  • Me2You

    Yes, but chasing after each and everyone will then make the #metoo movement quite useless and disappear into obscurity. The strategy is to hold on to someone who has that long history with enough credible testimonies to make the allegations stick.Just like his victims, he is in the right place at the wrong time , but the best time for the movement. The best message yet, is that those organizations that protect these w/men who systematically use their power to abuse others, are also going down…its goes beyond the film industry to governmental agencies, charity organizations, and international agencies.