Emeryville, California-based Amyris, a synthetic biotechnology company operating in the personal care market, has announced that it has filed a Voluntary Chapter 11 bankruptcy "to move forward with an operational and financial restructuring to further advance its ongoing strategic transformation and position the Company for long-term success."
The company notes, "In tandem, to advance the Company's restructuring goals and maximize the value of its assets, Amyris is planning to exit its consumer brands and will begin marketing them for sale, with a view to having these brands continue to leverage Amyris' cutting-edge science and technology while under new ownership. As the sale process progresses, Amyris will continue to operate these brands, including through retail partners and the brands' e-commerce platforms."
The restructuring will impact 260 employees who follow a previous layoff of 148 employees in June 2023. Approximately 1,090 employees remain to continue operations under Chapter 11 operations.
According to Interim Chief Executive Officer and Chief Financial Officer Han Kieftenbeld, "Over the past months, we have been hard at work on a strategic transformation plan to reduce costs, improve operational effectiveness, and achieve sustainable growth. We believe the step forward our company has taken today puts us on the best path to address our financial challenges and achieve a comprehensive solution – rooted in Amyris' ground-breaking science, formulation capabilities, and technology."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?