WeightWatchers filed for Chapter 11 bankruptcy on Tuesday to eliminate $1.15 billion in debt, according to NPR. Parent company WW International Inc. said it has support from nearly 75% of debt holders and expects to emerge from bankruptcy within 45 days. In 2023, it acquired Sequence for $106 million, rebranding it as WeightWatchers Clinic, a telehealth platform that helps customers access prescriptions for drugs like Ozempic, Wegovy, and Trulicity. WeightWatchers reported a 10% drop in first-quarter revenue and a 47-cent adjusted loss per share, but saw clinical subscription revenue rise 57% year over year to $29.5 million.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Weight Watchers filed for Chapter 11 bankruptcy on Tuesday to eliminate $1.15 billion in debt
00:08for an NPR. Parent company, WW International, said it has support from nearly 75% of debt holders
00:14and expects to emerge from bankruptcy within 45 days. 2023, it acquired Sequence for $106
00:19million, rebranding it as Weight Watchers Clinic, a telehealth platform that helps customers
00:24access prescriptions for drugs like Ozepic, Wigobi, and Trulicity. Weight Watchers reported
00:29a 10% drop in first quarter revenue and a 47-cent adjusted loss per share that saw clinical
00:34subscription revenue rise 57% year-over-year to $29.5 million.
00:40For all things money, visit Benzinga.com slash GSTV.