CEO Tara Comonte says the Company continues to work on “trusted, science-acted, and overall solutions.”
The diet company, formerly known as WeightWatchers, filed for bankruptcy after its 62-year-old business model became nervous due to the rise of weight loss drugs such as Ozempic.
New York-based WW International said Tuesday it was seeking Chapter 11 bankruptcy protection to eliminate $1.15 billion in debt and position the company “for long-term growth and success.”
“With the overwhelming support of lenders and noteholders, the critical actions we take today give us the flexibility to accelerate innovation, reinvest our members and guide authority in a rapidly evolving weight-controlled environment,” CEO Taracomonte said in a statement.
“As our weight conversation shifted towards long-term health, our commitment to providing the most trusted, science-backed, holistic solution based on community support and lasting outcomes has never been stronger or more important.”
WW International said it would emerge as a public company in about 40 days and expect its members to be affected during the reorganization process.
Founded in 1963 by entrepreneur Jean Nidetch, WeightWatchers has become one of the most well-known brands in the multi-billion-dollar dieting industry.
In 2023, the company acquired the Telehealth Provider sequence as part of its transition to the weight loss drug business, facing increased pressure from drugs such as Ozempic and Wegovy.
Last year, Oprah Winfrey announced that she was leaving the company’s board of directors after previously revealing that she had previously taken anti-obesity medications.
Shares of Wegovy maker Novo Nordisk rose about 6% on Wednesday after the Food and Drug Administration said it had expected sales to rise in the US after the Food and Drug Administration halted production of copycat drugs by May 22.