23andMe, the beleaguered DNA testing company, has filed for Chapter 11 bankruptcy protection following years of financial instability, worsened by a significant cyber attack in October 2023. Initiating proceedings in the US Bankruptcy Court for the Eastern District of Missouri, the firm seeks to sell its assets under court supervision to settle obligations to creditors. While bankruptcy can signal the end of operations, 23andMe aims to restructure and continue its mission in the genetic testing space, focusing on customer data privacy during the process, stressed by board members.
We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities.
After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business.
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