WASHINGTON: The famed US diet company originally known as WeightWatchers said it has filed for bankruptcy but will continue operations while its $1.15-billion debt is restructured.
The company, now known as WW International, filed for Chapter 11 bankruptcy protection that it said “will eliminate $1.15 billion in debt from the company's balance sheet, and position WeightWatchers for long-term growth and success.”
“Operations continue with no impact to... more than three million members worldwide for its members,“ it said in a statement on Tuesday.
WeightWatchers has faced mounting debt as it struggled to keep pace with competition, including weight loss drugs such as Ozempic.
The company said it “expects (the) reorganization plan to be confirmed in approximately 40 days and to emerge as a publicly traded company.”
WeightWatchers, founded in 1963, renamed itself “WW” in 2018 as it shifted to a broader marketing strategy promoting wellness beyond weight-loss programs.
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