WeightWatchers, the iconic 62-year-old weight loss program that helped millions of people worldwide, has filed for bankruptcy under Chapter 11. The company, now known as WW International, announced this decision on Tuesday, explaining that it would help reduce its debt, enhance its investment opportunities, and continue serving its global members.
The company is burdened with approximately $1.5 billion in debt and has struggled to keep up with newer, more convenient weight loss options, such as GLP-1 drugs like Ozempic, which have become increasingly popular. Despite the financial challenges, WW International plans to continue operations for its members and expects to emerge from bankruptcy in about 40 days as a publicly traded entity.
CEO Tara Comonte stated that the company’s actions, supported by its lenders and noteholders, would give WW the flexibility to innovate, reinvest in its services, and lead in the evolving weight management industry.
In recent years, WW has faced difficulties after a turnaround plan under former CEO Sima Sistani failed. Sistani, who was replaced in September 2024 by Comonte, had tried to pivot the company by acquiring a telehealth platform for prescribing weight-loss and diabetes medications. However, the shift away from the company’s roots in in-person meetings and portion control didn’t resonate with customers, and the stock value plummeted.
The company also suffered another setback when Oprah Winfrey, a long-time investor and member of the board, stepped down and donated her stock to a museum. Winfrey had publicly credited WW for helping her lose 40 pounds in 2016 but later revealed that she had also used an unnamed weight loss drug in her journey.
Founded in 1963 by Jean Nidetch, WW gained success with its philosophy that dieting is more of an emotional issue than a physical one. Nidetch, once a self-described “overweight housewife,” began hosting support meetings with friends to discuss weight loss challenges. Her approach emphasized emotional support and gradual changes in lifestyle, which resonated with many. WW’s innovative points system, which assigns numerical values to foods based on their nutritional content, further contributed to the program’s popularity.
At its peak in 2018, WW shares were valued around $100, but they have since fallen dramatically, with the company now facing the realities of a changing weight loss market. As of 2024, the company had 3.3 million subscribers. Despite the challenges, WW International is aiming to reposition itself and recover from its financial struggles.
