Genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection in Missouri federal court, leaving one question on everyone&#8217;s minds: what happens to all the DNA it collected?
The company was once valued at more than $6 billion thanks to its at-home DNA testing kits allowing customers to gain insight into their ancestry and genetic profiles, CNBC <a href="https://www.cnbc.com/2025/03/24/23andme-files-for-bankruptcy-anne-wojcicki-steps-down-as-ceo.html">reported</a>. In 2021, the company went public and was valued at $3.5 billion. But soon after, its stock began to fall as it failed to continue to find viable recurring revenue. It currently has a market capitalization of just $25 million, CNBC reported.
The company made clear that the bankruptcy filing would not change how it stores or manages the data it has received from customers, but there are concerns that the bankruptcy filing could mean that customer DNA profiles are sold to the highest bidder. The Harvard Gazette published a <a href="https://news.harvard.edu/gazette/story/2025/03/what-happens-to-your-genetic-data-if-23andme-collapses/">report</a> recently discussing these exact concerns and noted that certain laws protecting health information would not be covered since 23andMe is not a hospital or physician. The company has already shared customer data with service providers and contractors.
They did note, however, that in “some instances, bankruptcy law had required a consumer privacy ombudsperson to investigate a sale and determine whether it’s keeping with the bankrupt company’s privacy statements, as well as the law,” meaning customer data could be protected.
In September 2024, 23andMe <a href="https://www.reuters.com/technology/cybersecurity/23andme-settles-data-breach-lawsuit-30-million-2024-09-13/" target="_blank" rel="noopener">settled a lawsuit</a> accusing it of failing to protect customer data after 6.9 million users&#8217; personal information was exposed during a data breach.
The once billion-dollar company has struggled in recent years to generate recurring revenue and build lasting research and therapeutics businesses, CNBC <a href="https://www.cnbc.com/2025/03/24/23andme-files-for-bankruptcy-anne-wojcicki-steps-down-as-ceo.html" target="_blank" rel="noopener">reported</a>. Early Monday morning, company CEO and co-founder Anne Wojcicki announced she was resigning from her executive role but would remain on the company’s board.
“The 23andMe Special Committee released news today indicating their plan to take the company through the Chapter 11 process,” Wojcicki wrote on X. “While I am disappointed that we have come to this conclusion and my bid was rejected, I am supportive of the company and I intend to be a bidder. I have resigned as CEO of the company so I can be in the best position to pursue the company as an independent bidder.”
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The 23andMe Special Committee released news today indicating their plan to take the company through the Chapter 11 process. While I am disappointed that we have come to this conclusion and my bid was rejected, I am supportive of the company and I intend to be a bidder. I have…
— Anne Wojcicki (@annewoj23) <a href="https://twitter.com/annewoj23/status/1904036140077969563?ref_src=twsrc%5Etfw">March 24, 2025</a></blockquote>
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Last March, the company formed a committee to come up with solutions. Wojcicki devised several proposals to take the company private but was rejected.
Chapter 11 bankruptcy doesn’t require the liquidation of assets, but 23andMe’s bankruptcy proposal <a href="https://storage.courtlistener.com/recap/gov.uscourts.moeb.462638/gov.uscourts.moeb.462638.1.0.pdf" target="_blank" rel="noopener">filed</a> with the court includes a plan to sell off company assets. The plan calls for the company to “actively solicit qualified” bids over a 45-day process, CNBC reported. In her note on X, however, Wojcicki said she was looking to secure the assets herself.
“If I am fortunate enough to secure the company’s assets through the restructuring process, I remain committed to our long-term vision of being a global leader in genetics and establishing genetics as a fundamental part of healthcare ecosystems worldwide,” she wrote.
The company has between $100 million and $500 million in estimated assets, but between the same amount in estimated liabilities, per the <a href="https://storage.courtlistener.com/recap/gov.uscourts.moeb.462638/gov.uscourts.moeb.462638.1.0.pdf">bankruptcy filing</a>.

23andMe

23andMe Is Going Bankrupt. What Happens To All The DNA Samples?

23andMe Is Going Bankrupt – What Happens To All The DNA Samples?

bankruptcy

Genes

Science

U.S.

Major fabrics and crafts retailer Joann Fabrics, a go-to destination for quilters, knitters, crafters, and sewing enthusiasts for more than 80 years, has announced it is going out of business and closing all stores. 
The announcement comes after the Hudson, Ohio-based company filed for Chapter 11 bankruptcy protection in January—its second time doing so in a year—citing weak consumer demand and inventory challenges. During the time of filing, reps for Joann said all locations would remain open.
Earlier this month, the retailer <a href="https://www.usatoday.com/story/money/2025/02/24/joann-closing-stores-locations/80022854007/">revealed</a> plans to close 500 stores, representing more than half of its nationwide presence of around 850 stores. Following a recent auction, financial services firm GA Group and Joann’s term lenders have emerged as the winning bidders and acquired most of the company’s assets. This led to Joann beginning to liquidate its operations and planning to hold going-out-of-business sales at all store locations.
The company said its website, Joann.com, and the mobile app would remain open and operational during going-out-of-business sales. Reps for the retailer also said the dates for store closures or changes to the website would be posted as soon as possible and that it would likely take a “number of weeks to complete our final sales.”
Scott Carpenter, CEO of GA Group&#8217;s Retail Solutions and Wholesale &amp; Industrial Solutions teams, <a href="https://www.beaconjournal.com/story/business/2025/02/22/financial-services-firm-ga-group-term-lenders-joann-fabrics-outbid-stalking-horse-gordon-brothers/79621413007/">told</a> the Akron Beacon Journal that most Joann stores would remain open until the end of May.
&#8220;JOANN leadership, our Board, advisors and legal partners made every possible effort to pursue a more favorable outcome that would keep the company in business,&#8221; the company said in a <a href="https://www.nbcnews.com/business/business-news/joann-shutter-800-fabric-stores-find-buyer-locations-rcna193536">statement</a>. &#8220;We are committed to working constructively with the winning bidder to ensure an orderly wind-down of operations that minimizes the impact on all our stakeholders. We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years.”
Joann was founded as the Cleveland Fabric Shop by German immigrants during World War II. It was once the largest fabrics retailer in the United States.

Joann Fabrics

Joann Fabrics, 80-Year-Old Crafting Retailer, Going Out Of Business And Closing All Stores

Business

Economy

United States

Actor <a href="https://www.dailywire.com/topic/kevin-spacey">Kevin Spacey</a> became emotional during an interview with British TV personality <a href="https://www.dailywire.com/topic/piers-morgan">Piers Morgan</a>, saying he was broke and owed millions in legal fees.
The 64-year-old “House of Cards” star has been involved in a number of sexual assault <a href="https://www.dailywire.com/topic/lawsuit">lawsuits</a> over the past few years. Even though Spacey won some, he said they left him with no money. His conversation with Morgan was the first long interview he’s given since charges were filed, per <a href="https://www.independent.co.uk/arts-entertainment/tv/news/kevin-spacey-broke-epstein-piers-morgan-interview-b2561049.html">The Independent</a>. 
“It&#8217;s been a very interesting and, I think, an important couple of weeks where I&#8217;ve had an opportunity to start to be able to talk about things that, well, for me, in some cases I&#8217;ve never talked about before, and to take accountability for those places where I have behaved badly, and to hopefully put some facts out there that maybe a great majority of the public don&#8217;t know about,” he told Morgan on “Piers Morgan Uncensored.” 
Morgan asked what the actor meant by “behaved badly.” Spacey replied, “Pushing the boundaries. Being too handsy. Touching someone sexually in a way that I didn’t know at the time they didn’t want.”
Spacey broke down in tears when Morgan asked where he was living. He mentioned that his house in Baltimore was being foreclosed on and sold at auction due to his legal debts.
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Kevin Spacey breaks down as he tells Piers Morgan he&#8217;s lost his home and now owes &#8216;many millions&#8217; in legal bills.
Watch the full interview at 8pm (UK) on YouTube 👇
📺 <a href="https://t.co/QR11ywsANx">https://t.co/QR11ywsANx</a><a href="https://twitter.com/piersmorgan?ref_src=twsrc%5Etfw">@piersmorgan</a> | <a href="https://twitter.com/KevinSpacey?ref_src=twsrc%5Etfw">@KevinSpacey</a> <a href="https://t.co/ouW06zE2vY">pic.twitter.com/ouW06zE2vY</a>
— Piers Morgan Uncensored (@PiersUncensored) <a href="https://twitter.com/PiersUncensored/status/1800562396034892023?ref_src=twsrc%5Etfw">June 11, 2024</a></blockquote>
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When Morgan asked if he was facing bankruptcy, Spacey said, “There’s been a couple of times when I thought I was going to file, but we’ve managed to sort of dodge it, at least as of today.” 
When asked how much money he had, the actor said “none” and then clarified, “I still owe a lot of legal bills” to the tune of “many millions.”
“I’m not quite sure where I’m going to live now,” Spacey said. “I’ve spent so many years not wanting to talk about myself and avoiding questions about my personal life and my sexuality,” the actor, who is gay, added. 
“I’ve come out of all this not bitter, not angry, not resentful,” the actor told Morgan. 
When the interviewer asked him about flaws, Spacey responded, “There were bouts with arrogance. There were bouts with ego…My goal is now to prove that I am a man of good character.”
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Spacey also discussed his connection to convicted sex offender Jeffrey Epstein, which he claims has been overblown. He tried to justify a photograph of him sitting with Epstein’s confidante Ghislaine Maxwell on the thrones at Buckingham Palace in 2002.
He said President Bill Clinton had invited him on a humanitarian aid trip to South Africa.
“I didn’t want to be around [Epstein] because I felt he put the president at risk on that trip to South Africa, because there were these young girls,” Spacey told Morgan. “We were like, ‘Who is this guy?’”
“So, we flew then to London, and the president said to me, ‘Before we leave tomorrow, do you want to come? I am going to go to Buckingham Palace tomorrow to see Prince Andrew, do you want to come?’” he continued. “I said, ‘Sure.’”
He said that’s when the photo was taken. “This Maxwell woman, she was one of many people to sit down next to me in that throne room,” Spacey continued. “I have no relationship with her. I had no relationship with [Epstein]. I mean he’s not my friend. I am not a confidant. I’ve never spent time with him.”

Kevin Spacey

Kevin Spacey Cries About Being Broke Following Sex Abuse Lawsuits, Denies Links To Epstein

Celebrities

Entertainment

Jeffrey Epstein

Lawsuit

Piers Morgan

Sexual Misconduct

World

Red Lobster, the largest U.S. seafood restaurant chain, is expected to file for bankruptcy after offering customers an all-you-can-eat shrimp deal that ultimately cost the company millions of dollars.
Red Lobster currently boasts roughly 650 locations nationwide and has its headquarters in Orlando, Florida; it recently closed dozens of its outlets. Thai Union Group, Red Lobster’s majority owner, said they were through funding the chain.
“We’re going to exit. We are not going to inject any more money into Red Lobster,” Thai Union Chief Executive Thiraphong Chansiri said in February.
“The company aims to use the bankruptcy process to negotiate concessions from landlords and strike a deal with creditors to continue operating, moves that could trim hundreds of millions of dollars in debt,” Red Lobster said, according to <a href="https://www.wsj.com/business/hospitality/red-lobster-preparing-to-file-for-bankruptcy-protection-this-month-b1198173" target="_blank" rel="noopener">The Wall Street Journal</a>, which noted that the company’s sales dropped 8% from 2022 to 2023.
The Journal pointed out that restaurant chains are suffering because typical consumers, who have incomes less than $50,000, cannot afford to eat out because the current economy has forced them to cut spending. Another factor crippling the chains is the high interest rate they are dealing with when it comes to their debt.
Among chains hit hard by the economy, Tijuana Flats and Sticky’s Finger Joint both filed for bankruptcy in the last 30 days; past month. Dom’s Kitchen &amp; Market and Foxtrot Market, which have prepared-food sections, both closed in April.
In mid-April, the National Gardening Association reported that with the rising costs of groceries, many Americans have taken to growing food at home. It reported that 43% of Americans are now growing food at their homes, up from 33% of Americans in 2019.
“According to the U.S. Department of Agriculture, at-home food prices increased by 11.4% in 2022. In 2023, it increased by another 5.8%,” <a href="https://spectrumlocalnews.com/nc/charlotte/news/2024/04/18/more-people-growing-food-at-home-as-grocery-costs-remain-high#:~:text=According%20to%20the%20U.S.%20Department,you%20see%20the%20financial%20benefits." target="_blank" rel="noopener">Spectrum News</a> noted.
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In March, for the third consecutive month, the core consumer price increased. It advanced 0.4% from February and 3.8% from the year before. Core inflation <a href="https://www.barrons.com/livecoverage/inflation-april-cpi-report-today-news/card/core-inflation-cools-to-3-6-from-3-8--8DpsdMJRAQMWglPmgF8s" target="_blank" rel="noopener">grew</a> by 0.3% in April.

Red Lobster Abruptly Closes Many Locations

Red Lobster To File For Bankruptcy After All-You-Can-Eat Shrimp Deal Cost The Company Millions

Inflation

Red Lobster

Restaurant

Former New York City Mayor Rudy Giuliani filed for bankruptcy on Thursday in the Southern District of New York, less than one full week after he was <a href="https://www.dailywire.com/news/jury-orders-rudy-giuliani-to-pay-148-million-to-election-workers-he-defamed" target="_blank" rel="noopener">ordered to pay</a> $148 million to defamed Georgia poll workers Shaye Moss and Ruby Freeman, Moss&#8217; mother.
According to a Bloomberg News <a href="https://news.bloomberglaw.com/bankruptcy-law/rudy-giuliani-files-for-bankruptcy-protection-after-court-loss" target="_blank" rel="noopener">report</a> on the filing, Giuliani — who served for some time as attorney to former President Donald Trump — claimed to have just $10 million in assets and up to $500 million in outstanding debt.
Giuliani&#8217;s bankruptcy attorneys, Heath Berger and Gary Fischoff, released a statement on Thursday saying that the Chapter 11 protections would give the former mayor the necessary time and breathing room to pursue an appeal in the Georgia case.
&#8220;The filing should be a surprise to no one. No person could have reasonably believed that Mayor Giuliani would be able to pay such a high punitive amount,&#8221; they said.
Last Friday, after Judge Beryl A. Howell of the Federal District Court in Washington determined that Giuliani had defamed Moss and Freeman in the aftermath of the 2020 presidential election, a Washington, D.C., jury ordered the former Trump attorney to pay out nearly $150 million:
<ul>
<li>$16,171,000 to Ruby Freeman for defamation.</li>
<li>$16,998,000 to Shaye Moss for defamation.</li>
<li>$20 million to Freeman for emotional distress.</li>
<li>$20 million to Moss for emotional distress.</li>
<li>$75 million in punitive damages to both plaintiffs.</li>
</ul>
<a href="https://nypost.com/2023/12/21/news/rudy-giuliani-files-for-bankruptcy-in-ny/" target="_blank" rel="noopener">Giuliani</a> called the ruling &#8220;absurd&#8221; and promised an immediate appeal, adding, &#8220;I don’t regret a damn thing.&#8221;
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His attorney in the Georgia case, Joe Sibley, said that if future appeals failed, that judgment was enough to ruin his client financially: &#8220;the civil equivalent of the death penalty.&#8221;
Giuliani still faces additional charges in Georgia — for racketeering and conspiracy — and is also being sued for defamation by both Dominion Voting Systems and Smartmatic Corp., both of which he had claimed were part of &#8220;rigging&#8221; the 2020 presidential election in favor of President Joe Biden.

Rudy Giuliani Defamation Case Begins In Washington, D.C.

Rudy Giuliani Files For Bankruptcy In Wake Of $148 Million Judgment

2020 Election

Donald Trump

Georgia

Politics

Rudy Giuliani

Nearly all of the U.S. Supreme Court justices seemed uncomfortable with undoing a controversial bankruptcy deal with the company behind OxyContin, a drug widely viewed as kick-starting the opioid epidemic. 
The high court on Monday heard oral arguments in Harrington v. Purdue Pharma, specifically on the validity of the $6 billion bankruptcy deal with the pharmaceutical company that notably shields the Sackler family, who owns Purdue Pharma, from victims and their families’ civil claims.
The bankruptcy agreement was quickly challenged but eventually upheld by the U.S. Court of Appeals for the 2nd Circuit. Currently, the Biden administration is asking the court to review that deal, arguing that the agreement is illegal, largely because some of the victims who did not consent to the agreement &#8212; about 3% &#8212; are now banned from suing the Sackler family, as well. 
U.S. Trustee William Harrington argues that the bankruptcy deal is a “roadmap for corporations and wealthy individuals to misuse the bankruptcy system to avoid mass-tort liability,&#8221; adding that it “erodes public confidence in the bankruptcy system.”
However, nearly all the justices asked pointed questions during oral arguments that focused on the victims and their families and how they would fare if the deal were undone.
“I think the problem, and maybe the disconnect between you and the opioid victims is you’re implying, or saying, ‘Oh if you just reject this plan, there’s gonna be more money available down the road from the Sacklers,'&#8221; Justice Justice Brett Kavanaugh <a href="https://www.c-span.org/video/?531892-1/harrington-v-purdue-pharma-oral-argument" target="_blank" rel="noopener">said</a> to Deputy Solicitor General Curtis Gannon. &#8220;And I don&#8217;t think you’re accounting for uncertainty of liability first of all, … and the uncertainty of recovery. And the point of this provision, as it’s been applied for 30 years, is to take into account those uncertainties in thinking if this is an appropriate settlement.”
Justice Elena Kagan offered similar sentiments. “It’s overwhelming, the support for this deal, and among people who have no love for the Sacklers,&#8221; she <a href="https://thebrunswicknews.com/townnews/mathematics/supreme-court-leans-in-favor-of-purdue-pharma-deal-with-6-billion-from-sacklers/article_5f6bb5de-098d-524d-bcd8-80056e9c9e03.html" target="_blank" rel="noopener">told</a> Gannon. &#8220;Your position rests on a lot of highfalutin principles of bankruptcy law &#8230; that you can come in here and blow up the deal. The federal government is standing in the way against a huge, huge majority of claimants who have decided that if this provision goes under, they’re going to end up with nothing.”
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Moreover, Pratik Shah, a lawyer for some of those victims, argued before the court that without the bankruptcy deal, virtually every victim would end up with “zero dollars.” 
“I think this is critically important: whatever is available from the Sacklers – whether that’s $3 billion, $5 billion, $6 billion, $10 billion – there are about $40 trillion in estimated claims,&#8221; he said. &#8220;As soon as one plaintiff is successful, that wipes out the recovery for every other victim. … That is why 97% of the victims agreed to this non-consensual release. They have no love lost for the Sacklers. There is no body of victims, no one who would more like to have retribution against the Sacklers.”
However, 3% of the victims did not agree with the deal, and, as noted during oral arguments, less than 50% of the victims who were asked about the agreement responded. Some of those in disagreement have expressed that they feel the Sackler family is directly liable for their family losses or their personal suffering and want their day in court. 
If the deal holds, the Sackler family, which did not have to declare bankruptcy personally, will walk away with billions of their personal fortune.

WASHINGTON, US – DECEMBER 4: Grace Bisch hold a picture of step

Supreme Court Leans In Favor Of Bankruptcy Deal For Pharma Company Behind OxyContin

Supreme Court Leans In Favor Of Bankruptcy Deal For Pharma Company, Purdue Pharma, Behind OxyContin 

Courts

SCOTUS

Supreme Court

The Black Lives Matter’s Global Network Foundation, which has reportedly paid some of its official and unofficial chapters millions of dollars, appears to be risking bankruptcy.
The foundation ran $8.5 million in arrears last year, while donations plunged 88% between 2021 and 2022, The Washington Free Beacon <a href="https://freebeacon.com/democrats/black-lives-matter-hemorrhaged-cash-in-2022-tax-documents-show/" target="_blank" rel="noopener">reported</a>. Co-founder Patrisse Cullors resigned from the organization in 2021 after she was accused of using BLM&#8217;s funds for her personal use, a charge she has denied.
The New York Post <a href="https://nypost.com/2021/04/10/inside-blm-co-founder-patrisse-khan-cullors-real-estate-buying-binge/" target="_blank" rel="noopener">reported</a>, “As protests broke out across the country in the name of Black Lives Matter, the group’s co-founder went on a real estate buying binge, snagging four high-end homes for $3.2 million in the U.S. alone, according to property records.”
Cullors’ relatives have been on the company’s payroll including her brother Paul who had owned two companies that BLM paid $1.6 million in order to provide “professional security services” in 2022. Paul received a $126,000 salary as “head of security” in 2022 while company&#8217;s linked to Damon Turner, the father of Cullors&#8217; child, received roughly $970,000 in 2021.
&#8220;While Patrisse Cullors was forced to resign due to charges of using BLM&#8217;s funds for her personal use, it looks like she&#8217;s still keeping it all in the family,” Paul Kamenar of the National Legal and Policy Center watchdog group told the Free Beacon.
In May 2022, news broke that Black Lives Matter paid out over $12 million for properties in Toronto and Los Angeles. The funds for a $6.3 million 10,000-square-foot property in Toronto came from an “out of country grant” meant for “activities to educate and support black communities, and to purchase and renovate property for charitable use,” <a href="https://nypost.com/2022/05/17/black-lives-matter-spent-at-least-12-million-on-mansions/" target="_blank" rel="noopener">according</a> to BLMGNF’s federal tax filing for fiscal year 2020.
“No one expected the foundation to grow at this pace and to this scale,&#8221; said Cicley Gay, chair of the board of directors of BLMGNF, in May 2022. &#8220;Now, we are taking time to build efficient infrastructure to run the largest black, abolitionist, philanthropic organization to ever exist in the United States.”
“As a new board, we are building policies that didn’t exist, operational and administrative infrastructure that didn’t exist,” board member Shalomyah Bowers echoed. “We’re making it clear to black people that we’re an institution and that we’re here to stay. In order to do that, we need to demonstrate that our financial house is in order.”
In 2021, the foundation said it raised $90 million in 2020.

Black Lives Matter

Black Lives Matter Foundation Going Broke After Raising $90 Million

Patrisse Cullors

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