For the past year, all we’ve been hearing about are the financial troubles of MGM and the Weinstein Company, and underneath it all Miramax was the one really suffering. According to a report from The Wrap, Disney has decided to put an end to the studio that was started by Harvey and Bob Weinstein back in 1979.

It’s been announced that the New York and Los Angeles offices of Miramax will close their doors causing 80 people to lose their jobs. When it was founded 31 years ago by the Weinsteins it was a leading distribution company that produced some of the most cutting edge films of the time.

Some of the titles that came from under the Miramax umbrella were Quentin Tarantino‘s Reservoir Dogs and Pulp Fiction, as well as My Left Foot, The Piano, The English Patient, Shakespeare in Love, The Crying Game, The Talented Mr. Ripley, Chicago, and Kevin Smith‘s Clerks.

The studio was sold to Disney back in 1993, and the founders decided to leave in 2005 to start their self titled, Weinstein Company. Harvey Weinstein and his brother have been trying to buy the company back from the House of Mouse but they haven’t gotten a response to their offer. Here’s what Harvey had to say about hearing the sad news.

“I’m feeling very nostalgic right now. I know the movies made on my and my brother Bob’s watch will live on as well as the fantastic films made under the direction of Daniel Battsek. Miramax has some brilliant people working within the organization and I know they will go on to do great things in the industry.”

Disney Chief Bob Igar has stated that he would sell the company for 1.5 billion dollars, but do the Weinsteins have that kind of money? They haven’t really been on a winning streak as of late.

What do you think of Disney shutting down Miramax? Do you think they should have left it open?