The Weinstein Company is planning to file for bankruptcy following sexual misconduct allegations against one of its co-founders, according to multiple reports.

“The Weinstein Company has been engaged in an active sale process in the hopes of preserving assets and jobs,” the company's board said in a statement, the Los Angeles Times reported.

“Today, those discussions concluded without a signed agreement.”

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The board said in the statement that it recognizes this is an "unfortunate outcome" for the company's employees, creditors and any victims.

"The Board has no choice but to pursue the only viable option to maximize the company's remaining value: an orderly bankruptcy process," the statement said.

The move to file for bankruptcy comes after the company was not able to complete a deal to sell the studio to an investor group.

Earlier this month, New York Attorney General Eric Schneiderman filed a lawsuit against Harvey Weinstein , his brother Bob Weinstein and The Weinstein Co., alleging civil and human rights violations stemming from Harvey Weinstein’s alleged sexual misconduct. The lawsuit alleges that the company broke New York law and violated the company’s employees’ rights by “failing to protect its employees from pervasive sexual harassment, intimidation, and discrimination,” Schneiderman said in a statement. Last year, Harvey Weinstein, the company's ex-chairman, was accused of sexual misconduct by dozens of women.

The accusations against Weinstein sparked a wave of sexual misconduct allegations against powerful men in media and politics as part of the "Me Too" movement.