The diet company formerly known as WeightWatchers has filed for bankruptcy after its 62-year-old business model was put under strain by the rise of weight-loss drugs such as Ozempic.New York-based WW International said on Tuesday that it was seeking Chapter 11 bankruptcy protection to eliminate $1.15bn in debt and position the “company for long-term growth and success.”“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,” CEO Tara Comonte said in a statement.
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