WeightWatchers, the 62-year-old program that revolutionized dieting for millions of people around the world, has filed for bankruptcy.
The company announced Tuesday it has entered Chapter 11, which “will bolster its financial position, increase investment flexibility in its strategic growth initiatives, and better serve its millions of members around the world.”
The company, now known as WW International, has struggled with about $1.5 billion in debt and has failed to keep pace with more convenient weight loss options, including GLP-1 drugs like Ozempic, over counting points and calories.
During the bankruptcy process, its massive amount of debt will be eliminated, and it expects to emerge in about 40 days as a publicly traded company. Operations for its members will continue as normal, it said.
“The decisive actions we’re taking today, with the overwhelming support of our lenders and noteholders, will give us the flexibility to accelerate innovation, reinvest in our members, and lead with authority in a rapidly evolving weight management landscape,” said CEO Tara Comonte in a release.
WW International has a had rough few