After the rise of weight-loss medications like Ozempics, the diet company that was formerly known as WeightWatchers filed for bankruptcy.
To “position the company for long-term growth and success,” WW International, based in New York, announced on Tuesday that it was requesting Chapter 11 bankruptcy protection to pay off $ 1.15 billion in debt.
CEO Tara Comonte stated in a statement that the decisive actions we’re taking today, with the unwavering support of our lenders and noteholders, will give us the flexibility to reinvest in our members, lead with authority, and accelerate innovation.
Our commitment to providing the most reliable, scientifically proven, and holistic solutions, grounded in community support and long-term health, has never been stronger or more crucial.
WW International stated that its members would not be impacted by the restructuring process and that it anticipates becoming a publicly traded company in about 40 days.
WeightWatchers, an entrepreneur founded in 1963 by Jean Nidetch, rose to fame as one of the most well-known names in the multibillion-dollar diet sector.
In a move into the weight-loss medication industry, the company in 2023 acquired telehealth provider Sequence in response to growing pressure from brands like Ozempic and Wegovy.
Oprah Winfrey previously revealed that she was taking an anti-obesity medication, and last year it was revealed that she was leaving the board of directors.
Source: Aljazeera
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