WW International, formerly known as WeightWatchers, has filed for Chapter 11 bankruptcy protection on Tuesday in a bid to cut its debt after Ozempic and other hugely popular obesity drugs upended its business model.
Shares of the company, which once boasted of media mogul Oprah Winfrey as one of its top shareholders, slumped 40% in extended trading after announcing plans to file for bankruptcy as part of a reorganization plan with a group of its lenders.
WeightWatchers began as weekly weight-loss support group meeting with 400 attendees, and quickly turned into a worldwide phenomena with millions of members across the globe.
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