WeightWatchers, now called WW International, has filed for Chapter 11 bankruptcy to eliminate $1.5 billion in debt and revamp its operations. The 62-year-old company, once famed for its point-based dieting system and in-person meetings, has struggled to compete with new trends, especially GLP-1 weight-loss drugs like Ozempic.

After a failed strategy under former CEO Sima Sistani-who shifted focus to telehealth and prescription drug access-WW saw a sharp decline in users and stock value. Her replacement, Tara Comonte, aims to restore stability and innovation, stating the move will allow the company to better serve its members.Founder and director of Weight Watchers Inc. Jean Nidetch in 1965. Michael Ochs Archives/Getty Images

WW also faced a setback when longtime board member Oprah Winfrey stepped down in 2023 and donated her shares. Despite these challenges, WW plans to continue operations during the bankruptcy and emerge as a leaner, publicly traded company in about 40 days.