According to reports, last-ditch efforts to sell the company have ended in failure.
A statement from the board said on Monday: "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 purse its only viable option to maximise the Company's remaining value: an orderly bankruptcy process.
"Over the coming days, the Company will prepare its bankruptcy filing with the goal of achieving maximum value in court he.was fired from the company last October with allegations that he had sexually harassed and abused women employed by the studio.
Head of the company, Weinstein's brother Robert, is accused of failing to prevent the mistreatment of staff, along with other senior executives.
The news comes just days after Weinstein apologised to Meryl Streep and Jennifer Lawrence for citing their
names in an attempt to get a class action lawsuit against him dismissed.
Jennifer hit back at the disgraced producer, calling him a "predator" after Weinstein's lawyers used favourable quotes about him from the Hollywood stars.