The Weinstein Company has announced that it plans to file for bankruptcy after a last effort to sell the company fell through, according to a statement provided to the LA Times.

Why it matters: The company's co-founder and namesake, Harvey Weinstein, was slammed with a myriad of sexual assault and harassment claims in the fall of last year. Weinstein was subsequently forced out of his company, removed from the academies, and the L.A. Police Department opened a criminal investigation into the allegations of misconduct and rape.