WeightWatchers files for bankruptcy protection as weight-loss drugs dominate
Global News
The type of bankruptcy allows WeightWatchers to continue operating while it restructures its assets and fights to continue operating.
Popular weight-loss drugs like Ozempic and Wegovy are helping millions worldwide shed unwanted pounds, but it appears they’ve also been eating away at WeightWatcher’s profits.
WW International, formerly known as WeightWatchers, filed for Chapter 11 bankruptcy protection on Tuesday in a bid to protect itself and cut debt after hugely popular obesity drugs capsized its once successful business model.
It hopes to eliminate debts of more than US$1.1 billion while positioning the “company for long-term growth and success.” The type of bankruptcy allows the company to continue operating while it restructures its assets and fights to continue operating.
The company has accumulated substantial debt of around $1.6 billion.
WeightWatchers said it will remain “fully operational” during the process with “no impact to members.”
WeightWatchers formed more than 60 years ago, starting out by offering weekly weight-loss support group meetings. The first meeting, which cost New Yorkers $2 to attend, attracted 400 people looking to lose weight.
A year later, the company began to offer a franchise option and, soon after, WeightWatchers transformed into a household name with millions of members around the globe.
The rising combination of fitness influencers and popularity of GLP-1 drugs, such as Novo Nordisk’s Ozempic and Wegovy, are now a major threat to traditional weight-loss programs.
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