Weightwatches for bankruptcy after making weights that lose weight

WW International, previously known as Weightwatches, to obtain bankruptcy protection in Chapter 11 on Tuesday in an attempt to reduce her debts after famous obesity drugs raised her business model.

The shares of the company, which was once boasted by the media, Opera Winfrey, as one of the major shareholders, fell 40 percent in the trading extending on Tuesday after the announcement of plans to provide bankruptcy as part of the reorganization plan with a group of its lenders.

Weightwatches started as a weekly weight loss meeting with 400 participants and soon turned into a global phenomenon with millions of members all over the world.

But the growing popularity of GLP-1 drugs such as Novo Nordisk’s Ozmpic, Wegovy and ELI Lilly’s Zepbound Hade on its traditional weight loss programs.

The company said at the time, Winfrey left WW Board of Directors in February 2024 to get rid of “any conflict of interest” after it confessed to taking weight loss medications.

Almost a year ago, WW acquired a distance to provide weight loss medications. However, it reported a loss of $ 345.7 million last year, while subscription revenues decreased by 5.6 percent on an annual basis.

WW said the reorganization plan would remove $ 1.15 billion in debt from the company’s public budget. The company accumulated large debts of about $ 1.6 billion.

The company estimated assets and opponents in the limits of one billion dollars to 10 billion US dollars, according to the submission of the seam 11 submitted in the Dilayer Banking Court.

After the brand renamed WW International in 2018, the company aims to focus on wellness in general instead of just losing weight.

The shares of the company fell 60 percent since the Wall Street Journal reported for the first time in April that the company is preparing to apply for bankruptcy in the coming months.