WeightWatchers has filed for bankruptcy in the US as it struggles with debt and fierce competition from fat-loss jabs like Ozempic and Mounjaro.
The legal process will see $1.15bn (£860mn) of the 60-year-old diet brand’s debt written off while it agrees new terms for paying back its lenders.
WeightWatchers said it will remain “fully operational” during the process with “no impact to members”.
It follows the meteoric rise in popularity of weightloss injections in what the firm said was a “rapidly changing weight management landscape”.
“WeightWatchers has empowered millions of members to make informed, healthy choices, staying resilient as trends have come and gone,” said chief executive Tara Comonte.
