WeightWatchers Files for Bankruptcy, Plans to Restructure
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WeightWatchers (WW International), facing $1.5 billion in debt and competition from new weight-loss drugs, filed for Chapter 11 bankruptcy. The company, which aims to emerge from bankruptcy in 40 days, expects operations to continue normally. The bankruptcy will eliminate debt and allow for increased investment in growth initiatives. CEO Tara Comonte stated the move will provide flexibility to innovate and reinvest in members. The company's struggles follow a failed turnaround plan and the departure of Oprah Winfrey from its board.
WeightWatchers (WW International), facing $1.5 billion in debt and competition from new weight-loss drugs, filed for Chapter 11 bankruptcy. The company, which aims to emerge from bankruptcy in 40 days, expects operations to continue normally. The bankruptcy will eliminate debt and allow for increased investment in growth initiatives. CEO Tara Comonte stated the move will provide flexibility to innovate and reinvest in members. The company's struggles follow a failed turnaround plan and the departure of Oprah Winfrey from its board.
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