The once hit movie studio Miramax has been closed down by its owners at Disney. The studio was started by Bob and Harvey Weinstein and gave us movies like “Chicago,” “The English Patient,” and “Shakespeare in Love.” The Weinsteins left the company in 2005 after clashes with then Disney CEO Michael Eisner.

The indie film industry is a dying breed in Hollywood. Big name production companies are slowly closing the doors to these once thriving production companies. Disney claims they are restructuring their company. The restructure cost 80 jobs between the offices in New York, Los Angeles and London.

Disney bought the company in 1993 and had an amazing run until 2005 when the Weinsteins left. The movies produced by the company earned an astonishing 220 Oscar nominations, and that was just for a handful of movies.

The new CEO of Disney Robert Iger is focusing on reducing the number of production companies under the Disney name that are not generating any cash flow. David Davis who is a financial advisor for movie investors, has stated the reason Miramax failed is because Harvey Weinstein was no longer there to nurture every film.

The Weinstein brothers have started another production company. Their most recent films released include the blockbuster “Inglourious Basterds.”