WeightWatchers files for bankruptcy as it struggles for a place in a weight loss world dominated by Ozempic and Wegovy
The weightwatcher said on Tuesday that it had submitted for chapter 11 losses protection to eliminate $ 1.15 billion debt and focus on moving it to a Telehealth service provider.
Parent WW International Inc. that it has the support of about three-quarters of debt holders. It is expected to arise from losses for 45 days, if not earlier.
The weightwatchers, which are Established Instead of 60 years ago, recently fought. In 2023, the company's weight loss company moved – especially at $ 106 million getting the adversary -nextNow the WeightWatcher Clinic, a Telehealth service that helps users get prescriptions for Drugs such as ozempic, wegovy and trulicity.
The latest revenue report on Tuesday showed that the first-quarter income refused 10% while losing it on an adjusted basis had a total of 47 cents per part. However, clinical subscription revenue-or weight loss drugs-jumps of 57% year over year up to $ 29.5 million.
In September,WW International CEO Sima SistaniResign, and the New York company named Tara Comonte, a member of the weightwatcher board and former shake shack executive, interim chief executive.
Comonte, who is now CEO, said in a statement on Tuesday that, “While the conversation around the weight moves to long-term health, our commitment to delivering the most trusted, supported by science, and holistic solutions-entered into community support and long-term results-have never been stronger, or more important.”
The company's shares have been exchanged under $ 1 since early February. At the time of trading time, the stock dropped half to 39 cents.
File losses were made in the US losses court for the Delaware District.
This story was originally featured on Fortune.com
