Bankrupt WeightWatchers seeks salvation with 'complementary' deal on fat jabs that nearly destroyed it
WeightWatchers is joining the fat-jab revolution as it seeks to reinvent itself after going bust.
The storied U.S. dieting firm - which filed for Chapter 11 bankruptcy earlier this month - has teamed up with a UK-based anti-obesity drug firm named CheqUp.
As part of the tie-up, CheqUp members will get access to a new WeightWatchers app designed to assist those taking weight-loss injections.
WeightWatchers has helped millions lose weight by selling low-calorie foods, diet and exercise advice.
However, the company has failed to compete with Ozempic and other breakthrough drugs that mean overweight consumers can shed weight quicker and with less effort.
Its new app will support customers through the journey by recommending food choices that minimize the side effects of the medication while promoting healthy weight loss.
These 'complementary offerings' will help those 'seeking sustainable weight loss through GLP-1 medication and behavioral support,' the two companies said in a joint statement.
'There is no doubt that the addition of WW breakthrough GLP-1 companion program will add enormously to our patients' ability to achieve sustainable weight loss,' James Hunt, deputy chief executive of CheqUp, said of the partnership.
'This partnership offers the most attractive proposition in the market for those looking to benefit from the incredible potential of GLP-1 medications and behavior change' Hunt added.
CheqUp provides both semaglutide jabs, the active ingredient in Ozempic, and Wegovy and Mounjaro, which contains tirzepatide.
WeightWatchers filed for bankruptcy in May after months of negotiations with its lenders.
The weight loss company has been struggling under $1.6 billion of debt and a sinking stock price.
The company, now known as WW, has already negotiated a deal with its creditors so it will enter Chapter 11 bankruptcy with a pre-packaged filing.
The company will be taken over by the institutional investors that own its debts.
This should allow the company to move out of bankruptcy quickly and keep its business running as normal in the process.
Weight Watchers was founded in 1963 by Jean Nidetch, a housewife from Queens, New York.
It all began in her kitchen, where she invited a group of friends over to talk about dieting and offer each other support.
At the time, Jean was following a diet prescribed by the New York City Board of Health, but she realized that support and accountability made all the difference.
The company has influenced millions of people in the U.S. and around the world, selling diet meals, magazines, books, and memberships to its weight-loss programs.
Over the years, celebrities like Oprah Winfrey and Jessica Simpson have helped market the brand. In 2014, Simpson appeared in ads at age 33, showing off her post-baby weight loss in a form-fitting black dress.
Alarm bells first rang for the company in March 2023, when shares hit an all-time low amid declining sales.
The situation worsened when longtime investor Winfrey — who admitted to using weight-loss medication — stepped down from the board.
Since then, the stock has continued its downward spiral.
WeightWatchers' stock fell so low following the announcement of its bankruptcy that it was delisted by the Nasdaq index and has suspended trading.
By comparison, Ozempic-maker Novo Nordisk is valued at around $297 billion.
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