WeightWatchers Seeks Bankruptcy to Slash Over $1 Billion in Debt

( WJET/WFXP — Well-known subscription-based weight loss and wellness service WeightWatchers declared bankruptcy late Tuesday evening.

According to a press release On Tuesday, WW International submitted a prepackaged Chapter 11 restructuring plan aimed at eliminating $1.15 billion in debt, according to them this will bolster their financial standing for future expansion. The firm has faced significant debts, including some that have lingered on the balance sheet for many years. By taking this step, the company can overhaul its finances without ceasing operations or undergoing liquidation.

Court documents disclose that WW International presently possesses assets and debts between $1 billion and $10 billion, and has more than 100,000 creditors.

For over six decades, WeightWatchers has enabled countless individuals to make knowledgeable and healthy decisions, maintaining strength through changing fads," stated Tara Comonte, CEO of WeightWatchers. "With significant steps we're implementing now, backed by strong support from our creditors and bondholders, we'll gain the agility needed to expedite innovations, invest further in our members, and assert leadership amid swift changes in the field of weight management. As discussions about weight increasingly focus on sustained wellness, our dedication to providing reliable, evidence-based, and comprehensive solutions—which emphasize communal backing and enduring outcomes—has never been firmer or more crucial.

Comonte states that the financial restructuring will enable the company to better adapt to the quickly evolving fitness and weight loss industry. Wall Street Journal reports.

The report indicates that WeightWatchers has found it challenging to keep up with the widespread adoption of free fitness applications, social media personalities, and the prevalence of weight loss medications such as Ozempic.

Operations will proceed normally, ensuring no disruption for over three million global members. The firm anticipates completing the restructuring within about 45 days—or possibly even faster—and plans to emerge still listed on public markets.

WeightWatchers has launched a dedicated site For members to obtain additional details regarding the court-monitored reconstruction procedure.

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