The Weinstein name continues its descent into infamy.
In late 2017, a myriad of news reports began to infiltrate the mainstream media, which all detailed some form of sexual harassment or abuse a female entertainer had experienced at the hands of Harvey Weinstein. The noted Hollywood producer, whose films have garnered critical praise and a bevy of industry awards, was taken down by the dozens of women who felt empowered to share their peculiar encounters with Weinstein that bordered on inappropriate and downright violating. Hollywood is run by an elite group of men who designate which actors deserve notoriety and which should fade into obscurity; however, with these public confessions, women were finally attacking the outsized egos and all-encompassing power of their male counterparts with stories of corruption and indecency.
In the aftermath of this scandal, Weinstein was ultimately fired from the company he co-founded with his brother Bob, and has largely avoided any public outings since he became the poster child for sexual harassment. However, the Weinstein Company, which has backed films such as Django Unchained and Silver Linings Playbook, has experienced some hardships that have become irreparable.
The latest news to come out of this blunder is that the company will have to file for bankruptcy as the only foreseeable next business decision. The production-studio was expected to be purchased by some prospective buyers who would have helped resuscitate the fledgling company with a name change, and some stable financial backing.
However, these intended saviours have backed out of any business relations with them, effectively nullifying any chances at staying afloat amid some troubling financial woes. The board of individuals backing The Weinstein Company have released a statement revealing that "based on the events of the past week, however, we must conclude that your plan to buy this company was illusory and would only leave this Company hobbling toward its demise to the detriment of all constituents,” the board wrote. “We will now pursue the Board’s only viable option to maximize the Company’s remaining value: an orderly bankruptcy process."