Bostwick Laboratories, once one of the Richmond region’s fastest-growing companies, plans to sell its medical diagnostics business and most of its assets.
The laboratory company sent a letter dated Monday to its employees that it has accepted an offer from Poplar Healthcare, a Memphis, Tenn.-based laboratory services company.
Poplar Healthcare will become a stalking horse bidder in Bostwick Laboratories’ planned bankruptcy court-supervised auction of its business. The Chapter 11 bankruptcy filing is necessary “to facilitate the sale and protect the business until a sale can close,” the letter said.
