WeightWatchers, now known as WW International, has officially filed for bankruptcy to improve its financial position and better serve its global membership base.
The company's decision to file for Chapter 11 bankruptcy will help eliminate over $1 billion in debt and set WeightWatchers on a path for long-term success.
WW International anticipates completing the bankruptcy process in approximately 45 days and aims to continue as a publicly traded entity.
A spokesperson for WW International confirmed the bankruptcy filing and emphasized the company's commitment to expanding its model of care and digital transformation.
CEO Tara Comonte expressed optimism about the future, stating that the company's actions, supported by lenders and noteholders, will enable innovation and growth in a changing weight management landscape.
Despite facing challenges in recent years, including declining stock value and the departure of celebrity board member Oprah Winfrey, WeightWatchers remains dedicated to providing science-backed solutions and community support.
Through strategic acquisitions and operational adjustments, WeightWatchers aims to maintain its services and support for its millions of members worldwide.
Members can expect no disruptions to their plans, prescriptions, or pricing as WeightWatchers continues to offer its weight loss programs, telehealth services, and workshops.
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This article will be updated as new information becomes available.