Weight Watchers bankruptcies: Company looking to restructure $1bn debt
The New York-based company announced Tuesday that it would restructure $1.15 billion in debt to better position itself for long-term survival.
CEO Tara Comonte assured customers and investors that the brand remains committed to 'science-backed, holistic solutions,' even as traditional diet programs face declining relevance.
'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,' Comonte said.
Despite the bankruptcy filing, WW said its services would continue uninterrupted during the reorganisation, and it expects to emerge as a publicly traded company within 40 days.
Founded in 1963 by Jean Nidetch, WeightWatchers became a household name in weight loss, championing calorie counting, support groups, and structured food plans.
But the rise of prescription weight-loss drugs has rapidly altered the industry. In response, WW acquired telehealth provider Sequence in 2023 to enter the weight-loss medication market.
The pressure intensified last year when Oprah Winfrey stepped down from the board after revealing she was using anti-obesity medication. Meanwhile, shares of Novo Nordisk—the maker of Wegovy—surged 6% Wednesday after the FDA ordered a halt to copycat versions of the drug.
As the weight-loss conversation shifts from diets to pharmaceuticals, WW faces the biggest reinvention of its six-decade history.
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