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NEW YORK – WeightWatchers said Tuesday it is filing for Chapter 11 bankruptcy extortion to destruct $1.15 cardinal successful indebtedness and absorption connected its modulation into a telehealth services provider.
Parent WW International Inc. said it has the enactment of astir three-quarters of its indebtedness holders. It expects to look from bankruptcy wrong 45 days, if not sooner.
WeightWatchers, which was founded more than 60 years ago, has struggled recently. In 2023, the institution moved into the prescription cause value nonaccomplishment business — peculiarly with the $106 cardinal acquisition of Sequence, present WeightWatchers Clinic, a telehealth work that helps users get prescriptions for drugs similar Ozempic, Wegovy and Trulicity.
Its latest net study Tuesday showed that first-quarter gross declined 10% portion its nonaccomplishment connected an adjusted ground totaled 47 cents per share. However, objective subscription gross — oregon weight-loss medications — jumped 57% twelvemonth implicit twelvemonth to $29.5 million.
In September, WW International CEO Sima Sistani resigned, and the New York institution named Tara Comonte, a WeightWatchers committee subordinate and erstwhile Shake Shack executive, interim main executive.
Comonte, present CEO, said successful a connection Tuesday that, "As the speech astir value shifts toward semipermanent health, our committedness to delivering the astir trusted, science-backed, and holistic solutions —grounded successful assemblage enactment and lasting results — has ne'er been stronger, oregon much important.”
Shares of the institution person traded astatine nether $1 since aboriginal February. In after-hours trading, the banal plunged by fractional to 39 cents.
The bankruptcy filing was made successful U.S. Bankruptcy Court for the District of Delaware.
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