The Weinstein Company has rejected a potential sale and will instead file for bankruptcy, according to a letter obtained by The Hollywood Reporter.

It’s a move that was predicted by many, considering the organization has lived under the cloud of co-founder Harvey Weinstein’s alleged sexual abuses since they first surfaced in a significant way in October of last year.

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The Weinstein Company had already sold off a couple of projects to Warner Bros. following the allegations — “Paddington 2” and “Six Billion Dollar Man,” which could start filming this year.

Other films, such as “Mary Magdalene,” “The Upside,” and “The War with Grandpa,” have been shelved indefinitely.

The movies likely will be written off eventually as losses and sold off to other distributors cheaply.

A potential sale of The Weinstein Company was reportedly in the works, but multiple delays prevented the company from continuing to remain open. Cash flow issues existed even before Harvey Weinstein’s personal controversies.

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Though The Weinstein Company likely will never have its name slapped onto another film, it does have an impressive filmography, which includes involvement in films many insiders would consider valuable. Various films by such acclaimed directors as Quentin Tarantino and Kevin Smith were made by The Weinstein Company. A library sale is quite likely at some point.

Considering the accusations against Harvey Weinstein and the rumored knowledge his own company had of such behavior, no one should miss The Weinstein Company. Bankruptcy seems a fitting conclusion to its now queasy history.

PopZette editor Zachary Leeman can be reached at [email protected]. Follow him on Twitter.