23andMe, the DNA testing company known for its gene testing kits, has filed for Chapter 11 bankruptcy protection as it faces significant financial challenges. Co-founder Anne Wojcicki has stepped down as CEO and is seeking to become an independent bidder for the company. In a statement, the board emphasized the need for a court-supervised sale process to maximize business value and address financial difficulties, including large operational costs and legal issues. Despite these challenges, 23andMe plans to keep operations running during bankruptcy and ensure customer services remain intact.
"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."
"We have had many successes but I equally take accountability for the challenges we have today, there is no doubt that the challenges faced by 23andMe through an evolving business model have been real."
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