Weinstein Co. to file for bankruptcy

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The Weinstein Company announced Sunday that it would have to file for bankruptcy protection after a $500 million deal to sell the company to an investment group fell through. The board of the once-powerful film studio reportedly cut off negotiations when the investor group declined to offer to put up enough interim financing to keep the struggling company afloat. The Weinstein Company was already struggling due to mismanagement and a lack of entertainment hits when sexual assault and harassment allegations against co-founder Harvey Weinstein thrust it into turmoil. The board said bankruptcy was “an extremely unfortunate outcome for our employees, our creditors, and any victims,” but the “only viable option to maximize the company’s remaining value.”

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