March 24 (UPI) — Human genetics and biotechnology firm 23andMe has announced that it has filed for bankruptcy and its chief operating officer, Anne Wojcicki, has resigned.

The California-based company made the announcement Sunday in a statement, explaining it is seeking to enter Chapter 11 proceedings to facilitate a court-supervised sale of its assets.

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

“We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities.”

The Chapter 11 filing comes as the company has struggled financially. In November, it announced plans to cut its workforce by 40%.

On Friday, California Attorney General Rob Bonta issued a consumer alert warning customers of 23andMe to delete their genetic data from the company, as “it is in financial distress and stated in securities filings that there is substantial doubt about its ability to continue.”

23andMe said Sunday that it plans to continue business operations throughout the Chapter 11 process and that there will be no changes to the way it stores, manages and protects customer data.

If its filing is approved, the company will solicit bids over a 45-day process. If multiple bids are submitted, an auction will be held to maximize the value of its assets, it said.

Wojcicki was also resigning, effective immediately, but will continue to serve on its board, it added.

Earlier this month, the Special Committee of the Board of Directors rejected her proposal to acquire all of the outstanding shares of 23andMe that she and her affiliates don’t already own at about $0.41 per share, a 84% decrease from the $253 per share price she had submitted in February.