Bostwick Laboratories filed for Chapter 11 bankruptcy reorganization on Wednesday, two days after telling employees of its intentions to sell its business and assets through a court-supervised auction.
Once one of the Richmond region’s fastest-growing companies, Bostwick Laboratories has estimated assets of between $1 million and $10 million and liabilities between $50 million and $100 million, according to the filing.
It also listed between 200 and 999 creditors.
In the letter to employees on Monday, Bostwick Laboratories executives said the company had accepted a bid from Memphis, Tenn.-based Poplar Healthcare, which has since become the stalking-horse bidder in the bankruptcy sale process.