1 month ago
4
NEW YORK (AP) — WeightWatchers said Tuesday it is filing for Chapter 11 bankruptcy protection to eliminate $1.15 billion in debt and focus on its transition into a telehealth services provider.
Parent WW International Inc. said it has the support of nearly three-quarters of its debt holders. It expects to emerge from bankruptcy within 45 days, if not sooner.
WeightWatchers, which was founded more than 60 years ago, has struggled recently. In 2023, the company moved into the prescription drug weight loss business — particularly with the $106 million acquisition of Sequence, now WeightWatchers Clinic, a telehealth service that helps users get prescriptions for drugs like Ozempic, Wegovy and Trulicity.
Its latest earnings report Tuesday showed that first-quarter revenue declined 10% while its loss on an adjusted basis totaled 47 cents per share. However, clinical subscription revenue — or weight-loss medications — jumped 57% year over year to $29.5 million.
In September, WW International CEO Sima Sistani resigned, and the New York company named Tara Comonte, a WeightWatchers board member and former Shake Shack executive, interim chief executive.
Comonte, now CEO, said in a statement Tuesday that, “As the conversation around weight shifts toward long-term health, our commitment to delivering the most trusted, science-backed, and holistic solutions —grounded in community support and lasting results — has never been stronger, or more important.”
Shares of the company have traded at under $1 since early February. In after-hours trading, the stock plunged by half to 39 cents.
We Won't Back Down
Your Support Fuels Our Mission
Your Support Fuels Our Mission
Donald Trump has been in office for 100 days. Our newsroom has stood strong — fearless, unflinching, and relentless in pursuit of the truth. And we're not stopping now. Would you support our mission during this critical time in our nation's history?
We remain committed to providing you with the unflinching, fact-based journalism everyone deserves.
Thank you again for your support along the way. We’re truly grateful for readers like you! Your initial support helped get us here and bolstered our newsroom, which kept us strong during uncertain times. Now as we continue, we need your help more than ever. We hope you will join us once again.
We remain committed to providing you with the unflinching, fact-based journalism everyone deserves.
Thank you again for your support along the way. We’re truly grateful for readers like you! Your initial support helped get us here and bolstered our newsroom, which kept us strong during uncertain times. Now as we continue, we need your help more than ever. We hope you will join us once again.
Already contributed? Log in to hide these messages.
We Won't Back Down
Donald Trump has been in office for 100 days. Our newsroom has stood strong — fearless, unflinching, and relentless in pursuit of the truth. And we're not stopping now. Would you support our mission during this critical time in our nation's history?
Already contributed? Log in to hide these messages.
The bankruptcy filing was made in U.S. Bankruptcy Court for the District of Delaware.
English (US) ·