WeightWatchers files for bankruptcy: What it means for South Africa
Understanding WeightWatchers' bankruptcy and its implications for South Africa
Image: WeightWatchers
Long a household name in dietary aids, 62-year-old WeightWatchers has filed for what US law essentially calls reorganisation bankruptcy – similar to South Africa's business rescue process.
However, the process the self-styled 'global leader in science-backed weight management' company is putting itself through is hardly likely to affect any South Africans, given that there is no longer any mention of workshop locations in the country.
In addition, IOL's research found that a Facebook group post from February 2024 showed that that WeightWatchers ceased operations in here around that time. There is no information as to why it ended its presence in South Africa, where it launched in 1990.
At one stage, the weight-loss programme had a partnership with Discovery Health through its Vitality wellness programme, which provided Discovery Vitality members with benefits, such as discounts on membership. However, this specific benefit with Discovery Vitality ended towards the end of 2017.
CEO Tara Comonte said in a statement that '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'.
The company faces competition from several areas, including commercial weight-loss programmes, digital health and wellness platforms, as well as medicine such as those developed by Novo Nordisk and Eli Lilly & Company – which recently took the market by storm.
WeightWatchers International – officially WW as of 2019 – 'remains fully operational during the reorganisation process and there will be no impact to members or the plans they rely on to support their weight management goals,' it said.
The company also stated that its holistic model of care, including being recommended by doctors, its telehealth offering with access to obesity-trained clinicians and prescription weight-loss medications, and virtual and in-person workshops, remain available.
South Africans can still access the Weight Watchers program through the international website www.weightwatchers.com, according to WeightWatchers.
Headquartered in New York, the company this week explained that the bankruptcy would enable it to 'bolster its financial position, increase investment flexibility in its strategic growth initiatives, and better serve its millions of members around the world'.
WeightWatchers said in a statement this week that the bankruptcy filing will eliminate $1.15 billion (about R21bn) in debt from its balance sheet and position it for 'long-term growth and success'.
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