NEW YORK (AP) – Weightwatchers said on Tuesday that it was posted for the bankruptcy protection in chapter 11 to eliminate $ 1.15 billion in debt and focus on its transition to a remote service provider.
Parent WW International Inc. said he had the support of almost three -quarters of his debt holders. He expects to emerge from bankruptcy within 45 days, if not earlier.
Weightwatchers, which was founded over 60 years ago, had a hard time. In 2023, the company moved into the weight loss activity of prescription drugs – in particular with the acquisition of $ 106 million in sequence, now Weightwatchers Clinic, a remote service that helps users obtain drug prescriptions like Ozempic, Wegovy and Trulicity.
His latest profits report on Tuesday has shown that the first quarter income has decreased by 10% while its loss on an adjusted basis totaled 47 cents per share. However, clinical subscription income – or weight loss medicines – jumped 57% from one year to the next to 29.5 million dollars.
In September, the WW International CEO Sima Sistani resigned and the New York company named Tara Comonte, member of the board of directors of Weightwatchers and former Shake Shack, acting managing director.
Comonte, now CEO, said in a statement on Tuesday that: “While the conversation around weight turns to long -term health, our commitment to provide the most reliable solutions, supported by science and holistic – founded in community support and lasting results – has never been stronger or more important.”
The company’s shares have been negotiated at less than $ 1 since early February. In the trade after opening hours, the stock plunged half at 39 cents.
The bankruptcy file was submitted by the United States bankruptcy court for the Delaware district.
Originally published:
California Daily Newspapers
