23andMe has filed for Chapter 11 bankruptcy protection and its co-founder and CEO has resigned as the struggling genetic testing company continues its push to cut costs. San Francisco-based 23andMe announced on Sunday that it will look to sell “substantially all of its assets” through a court-approved reorganization plan. Anne Wojcicki, who co-founded 23andMe nearly two decades ago, is also stepping down as CEO effective immediately, the company said — but will remain on the 23andMe board. Her resignation comes just weeks after a board committee rejected a nonbinding acquisition proposal fromWojcicki, who had been trying to take the company private.
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