23andMe Files for Bankruptcy as Company Faces Financial Challenges

23andMe plans to sell most of its assets through a process overseen by the court.

Attendees visit the 23andMe booth at the RootsTech annual genealogical event in Salt Lake City, Utah, on Feb. 28, 2019. George Frey/Reuters

23andMe, a company that offers genetic testing services, announced Sunday that it has filed for bankruptcy protection. According to a March 23 press release, this move is part of a plan to sell its assets and restructure the business while continuing to operate, as the company faces financial difficulties.

“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,” said Mark Jensen, chair and member of the Special Committee of the Board of Directors.