Los Angeles, Feb 26 (IANS): Weinstein Co., the New York studio co-founded by Hollywood producer Harvey Weinstein, will file for bankruptcy protection, said the company's board of directors.

The announcement comes after last-ditch talks to sell its assets to an investor group collapsed, reports latimes.com.

"While we recognise 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 maximise the company's remaining value: an orderly bankruptcy process," the board said in a statement.

The decision came after the board was unable to revive a deal to sell the struggling studio to an investor group led by former Small Business Administration chief Maria Contreras-Sweet.

The bid, backed by billionaire investor Ronald Burkle and Dallas private equity firm Lantern Asset Management, would have given Contreras-Sweet's consortium control of Weinstein Co.'s assets in a deal worth about $500 million.

Weinstein Co. has been searching for a financial savior since its former co-chairman was accused of sexual harassment and assault against dozens of women. Weinstein, who was fired from the company on October 8, has denied all allegations of non-consensual sex.