The Weinstein Co., the studio co-founded by disgraced movie mogul Harvey Weinstein, will file for bankruptcy protection after last-ditch talks to sell its assets to an investment group collapsed.

"While we recognize that this is an extremely unfortunate outcome for our employees, our 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 company's board of directors said in a brief statement.

The company has been in a tailspin since Weinstein was accused last fall of sexual harassment or assault by about 60 women. He is under investigation by authorities in New York, Los Angeles, Beverly Hills and London.

The board was unable to reach a $500 million deal to sell the struggling studio to an investor group led by Maria Contreras-Sweet, Variety reported. Contreras-Sweet ran the Small Business Administration from 2014 to 2017 under President Barack Obama.

Under the proposed deal, Weinstein Co. was to be renamed under a new board of directors, the majority of which would be composed of women, according to The Los Angeles Times. The bidders had promised to raise at least $40 million for a fund to compensate Weinstein's accusers.

However, the talks came to a halt on Feb. 11 when the New York Attorney General's Office filed a civil rights lawsuit against the Weinstein Co. and its co-founders, Harvey and Robert Weinstein.

"As alleged in our complaint, The Weinstein Company repeatedly broke New York law by failing to protect its employees from pervasive sexual harassment, intimidation, and discrimination," said Attorney General Schneiderman in a statement announcing the lawsuit. "Any sale of The Weinstein Company must ensure that victims will be compensated, employees will be protected going forward, and that neither perpetrators nor enablers will be unjustly enriched. Every New Yorker has a right to a workplace free of sexual harassment, intimidation, and fear."

Last month, The Los Angeles Times reported that Harvey and Robert Weinstein, who co-founded The Weinstein Co. in 2005 and own about 46 percent of the stock, have been trying to steer the company toward a deal with Miramax.

Miramax was founded in 1979 by the Weinstein brothers and acquired by the Walt Disney Co. in 1993. The beIN Media Group, by owned by Al Jazeera Media Network, bought Miramax in 2010.