23andMe files for Chapter 11 bankruptcy as co-founder and CEO Wojcicki resigns

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 from Wojcicki, who has been trying to take the company private...