CEO steps down after multiple failed attempts to take the DNA testing company private

Beleaguered DNA testing biz 23andMe - hit by a massive cyber attack in 2023 - is filing for bankruptcy protection in the US following years of financial uncertainty.

It said that Chapter 11 proceedings were initiated in the US Bankruptcy Court for the Eastern District of Missouri on Sunday, and the court will oversee 23andMe's attempted sale of its assets.

Companies file for bankruptcy protection when they can no longer meet their obligations to creditors. The court will now oversee the sale of 23andMe's assets and ensure they're distributed among creditors.

Filing for bankruptcy protection doesn't necessarily mean the biz will ultimately cease operations, as the sale of assets could be used to pay creditors and continue with a leaner corporate structure.

"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 ...