WEIGHTWATCHERS, the iconic wellness brand that taught customers to track their eating using a point system, is preparing to file for bankruptcy.
As weight-loss drugs like Ozempic become more accessible to Americans, lifestyle companies are taking a huge hit.
WW International, which is the brand’s parent company, hasn’t officially filed and is making desperate final negotiations with key lenders, according to the Wall Street Journal.
However, it’s looking grim for the business because it’s publicly traded, so going through the Chapter 11 process could make restructuring easier.
WeightWatchers recently suffered a huge credit blow when ratings firm S&P Global Ratings downgraded the brand in February, saying the customer base had aged out.
Revenue has sharply declined in recent quarters, and both the chief executive and chief financial officers stepped down in the past year.
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