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WeightWatchers, once a leader in helping people lose weight through meetings and meal tracking, has filed for bankruptcy.

The company made the announcement on Tuesday, saying it plans to erase more than $1 billion in debt while staying open for business.

WW International, the parent company of WeightWatchers, says that members won't see any changes to services.

"All of our offerings and services, including our workshops, our app, and our telehealth business, [will] continue to operate with no interruption," said CEO Tara Comonte during a call about the company's plans.

Founded over 60 years ago, WeightWatchers became famous for group support and point-based food systems.

But with the rise of prescription weight-loss drugs like Wegovy and Zepbound, fewer people are turning to traditional diet programs, USA Today said. The company said that this shift has been a big reason for their money troubles.

WeightWatchers Reports $345 Million Loss, Shifts Focus to Telehealth

In 2023, WeightWatchers tried to keep up by buying a telehealth company that lets users get weight-loss drugs through a subscription program called "WeightWatchers Clinic."

Still, the company reported a loss of $345.7 million last year and saw its revenue fall by nearly 10% in the first quarter of 2025.

"We've been carrying a heavy debt load," said Comonte, pointing out that the company has paid around $100 million each year just in interest.

The bankruptcy filing is part of a plan to reduce that burden and focus more on offering medical weight-loss options.

Despite the financial trouble, WeightWatchers remains one of the largest weight-loss programs in the world, with over 3 million members.

According to CBS News, it now hopes to complete its restructuring in about 40 days and return to being a strong public company.

The company says it will cut $1.15 billion in debt as part of the Chapter 11 filing made in a Delaware court. According to that filing, WeightWatchers has total assets and debts between $1 billion and $10 billion.

The shift in weight-loss trends has hit the company hard. Its stock dropped 40% in extended trading after the bankruptcy news and is down about 60% since reports of possible bankruptcy surfaced last month.

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Bankruptcy