These are the reasons why WeightWatchers is filing for bankruptcy after 62 years in business

After 62 years in business, WeightWatchers has officially filed for bankruptcy.

The revolutionary dieting program attracted millions of followers around the world but has suffered serious financial issues in recent years. On Tuesday the company, known as WW International, announced that it had entered Chapter 11 bankruptcy.

The company insisted that the decision would "bolster its financial position, increase investment flexibility in its strategic growth initiatives, and better serve its millions of members around the world.”

However the decision was made as debts reach as high as $1.5 billion, falling behind other weight loss options available on the market today. The growth of GLP-1 drugs like Ozempic has seen dieters move away from counting calories.

In September 2024 former CEO Simi Sistani was forced out after an ill-fated two-and-a-half stint in charge. She had spend vast sums on a telehealth platform that aimed to connect patients with doctors to prescribe drugs. However that change of direction did not work and the stock price slumped as a result.

Another blow came with the news that investor Oprah Winfrey was leaving the company’s board. The talk show icon had been one of the most high-profile WeightWatchers members, famously crediting the program for a 40-pound weight loss in 2016. She later revealed that she also used an unnamed weight loss drug as well.

As recently as February an earnings report found that membership had dropped by 12% and it was facing $100 million in interest payments on existing debt. New CEO Tara Comonte admitted that the debt was “a significant ongoing burden for the company.”

However she continued: “The decisive actions we’re taking today, with the overwhelming support of our lenders 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.”

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