The board of directors at the Weinstein Company said late Sunday night the film and television studio will be filing for bankruptcy after failed talks at selling the company.

The New York based firm has been looking to seal a deal to avoid bankruptcy after more than 70 women accused movie mogul and ex-chairman of the company Harvey Weinstein of sexual misconduct and rape, Reuters reported.

Weinstein, once one of the most influential men in Hollywood, maintains that he never had non-consensual sex with anyone.

“The Weinstein Company has been engaged in an active sale process in the hopes of preserving assets and jobs,” the board said in a statement. “Today, those discussions concluded without a signed agreement.”

Reports say the company’s only choice to maximize the remaining value in the company was to begin the “orderly bankruptcy process.”

The Weinstein Company has not yet confirmed the reported statement on its website or Twitter feed.