23andMe Files for Bankruptcy, Seeks Sale

Leading DNA testing service 23andMe has announced that it is filing for Chapter 11 bankruptcy protection. The company, which allows individuals to analyze their genetic information through at-home testing kits, intends to explore a sale of its assets under the supervision of the bankruptcy court. This decision follows a period of financial challenges and a recent data breach that compromised the personal information of a substantial number of users.

Chapter 11 bankruptcy allows a company to reorganize its debts and operations while continuing to function. 23andMe aims to use this process to find a suitable buyer who can invest in the company's future and ensure the continuation of its services. The sale process will be overseen by the court, ensuring transparency and fairness to all stakeholders. The company has assured its customers that it is taking steps to protect their data and maintain the integrity of its services during this transition. 23andMe hopes to emerge from bankruptcy with a stronger financial foundation and a renewed commitment to its mission of helping people understand their genetic information.