The producer brothers founded the company in 1979. It became a leading distributor of independent films and was snapped up by the Walt Disney Company in 1993.
On Thursday, the firm's New York and Los Angeles offices closed for business after months of speculation surrounding the financial status of Miramax.
Eighty employees have been let go and the future of six films has been left hanging in the Miramax vault, awaiting distribution.
The brothers stepped down from the firm in late 2005 and went on to launch another studio venture, The Weinstein Company.
But the demise of Miramax has still had a big emotional impact on the Weinstein brothers.
Harvey Weinstein says, "I'm feeling very nostalgic right now. I know the movies made on my and my brother Bob's watch will live on.
"Miramax has some brilliant people working within the organization, and I know they will go on to do great things in the industry."
(c) 2009 WORLD ENTERTAINMENT NEWS NETWORK LTD. All global rights reserved. No unauthorized copying or re-distributing permitted.