Weinstein Co. to declare bankruptcy

The embattled Weinstein Co. announced yesterday it plans to file for bankruptcy.

The decision follows the collapse of a proposed $500 million buyout by investors Ron Burkle and Maria Contreras-Sweet.

“We must conclude that your plan to buy this company was illusory and would only leave this company hobbling toward its demise to the detriment of all constituents,” a letter to the investors reads. “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.”

The company also is facing a lawsuit by New York Attorney General Eric Schneiderman, who accused the company of enabling Harvey Weinstein’s sexual abuses.

Read more from Variety.