Weight Watchers files for bankruptcy to shed debt

Since 1963, it has been a go-to destination for those complaining of a straining waistband.

- JAMES LIDDELL

Now, WeightWatchers has filed for bankruptcy as the health and wellness company’s business model struggles to compete in a weight-loss market dominated by drugs such as Ozempic and online fitness influencers.

The New York-based company, which rebranded as WW International in 2018, filed for Chapter 11 bankruptcy in Delaware on Tuesday. It hopes to eliminate debts of more than $1.1bn (£823m) while positioning the “company for long-term growth and success”. This type of bankruptcy permits a company to restructure its assets and debts to stay in business.

WW International revealed in its first quarter results on Tuesday that subscribers were down more than 14 per cent compared to the same period last year, at 3.4 million. Revenues of nearly $187m plunged almost 10 per cent compared with the year prior.