WeightWatchers has filed for bankruptcy in America as it faces intense competition from fat-loss jabs.
The phenomenal world-wide rise of “quick fix” injections like Ozempic and Mounjaro has added to Weightwatchers financial problems.
Filing for bankruptcy will see the company write off £860 million of debt.
The company says it will remain “fully operational” with no impact to its members.
Chief executive Tara Comonte said:
“The popularity of weight loss injections is a rapidly changing weight management landscape.
“For more than 62 years, WeightWatchers has empowered millions of members to make informed, healthy choices, staying resilient as trends have come and gone.”
In a statement, the company said its weight-loss programme, “telehealth” scheme, and weight-loss workshops will continue.
The company said it was “here to stay” and not going out of business.
It’s hoped filing for bankruptcy will give the company space to restructure its balance sheet.
Some of the debt is decades old.
Ms Comonte has said WeightWatchers could help people looking for “sustainable” weight loss after coming off medication.
She added: “At the same time, WeightWatchers is in a period of significant transition as we navigate industry shifts and reposition our business for long-term growth.”
The brand reported a net loss of £260 million last year.
