Of all the weight-loss fads and companies that have come and gone, WeightWatchers might be amongst the most recognizable.
Alas, this latest news might be signaling the end of an era.
WeightWatchers just filed for Chapter 11 bankruptcy protections in U.S. Bankruptcy Court for the District of Delaware.
Parent Company WW International Inc. explained that this bankruptcy was part of an attempt to eliminate $1.15 billion in debt. Additionally, WeightWatchers is looking to focus its transition into becoming a telehealth service provider.
According to a statement published to the company’s website, WeightWatchers will still be fully operational throughout this process. Members or plans will not be impacted, and each of its trade creditors and other general unsecured creditors will be fully paid.
WeightWatchers was first founded in 1962 by Jean Nidetch “who wanted accountability on her own weight-loss journey,” the website explains. The company has since expanded internationally, solidifying itself as one of the go-to places to start a healthy lifestyle.
“For more than 62 years, WeightWatchers has empowered millions of members to make informed, healthy choices, staying resilient as trends have come and gone,” said Chief Executive Officer Tara Comonte via the statement. “The decisive actions we’re taking today, with the overwhelming support of our leaders and noteholders, will give us the flexibility to accelerate innovation, reinvest in our members, and lead with authority in a rapidly evolving weight management landscape.
“As the conversation around weight shifts toward long-term health, our commitment to delivering the most trust, science-backed and holistic solutions — grounded in community support and last results — has never been stronger, or more important.”
The Associated Press contributed to this report.