(Picture: Shutterstock / T. Schneider)
WeightWatchers is planning to file for bankruptcy after failing to compete against the rise of ‘quick-fix’ weight loss tools, reports have said.
The business has struggled to stay relevant after drugs used to treat diabetes, such as semaglutide, were approved to be sold as weight loss treatments in the last couple of years.
Sources close to the company said it will file for bankruptcy in the coming months, according to the Wall Street Journal.
‘A number of options are being considered, negotiations are ongoing with lenders and bondholders,’ a source told DailyMail.com.
(Picture: Getty Images)
WW International, which was previously known as WeightWatchers before it rebranded as WW in 2018, is now planning to hand control of the business to creditors, people familiar with the company have said.
Shares collapsed by 59% yesterday after news of the bankruptcy broke.
WW’s was previously seen as a market leader in weight loss, with its diet advice and low-calories foods dominating the industry.
However, in recent years, people have turned to weight loss jabs instead to help them lose weight after they were approved for use by UK and US health bodies.
Oprah Winfrey, who previously was a spokesperson for WW, has admitted using weight loss medication.
Oprah’s decision to leave the company last year further hurt investor confidence.
What are weight loss injections and what were they designed to do?
Ozempic first blew up in 2022 on social media, when they were first reportedly used by Hollywood A-listers to lose weight.
Weight loss drug Wegovy uses the same drug as Ozempic, called semaglutide, and has been licensed for use in the UK.
Wegovy has a slightly higher dosage than Ozempic and is specifically for weight loss, whereas Ozempic was first used to treat diabetes.
This is because the weekly injections lowered blood sugar by increasing insulin production, helping to prevent the liver making and releasing too much sugar.
The drugs mimic the hormone GLP-1 to suppress hunger and slow down digestion.
While studies have shown up to 20% body weight loss on the injectable, research also shows the jabs can reduce the risk of heart attacks and strokes.
There are side effects to the medication. these include nausea, vomiting and diarrheoa.
The drugs also carry serious risks including kidney failure, pancreatitis and thyroid cancer.
Ozempic, Mounjaro and Wegovy are all available in the UK for different reasons.
Ozempic can be taken by type 2 diabetes patients with a prescription.
Mounjaro is licensed for both diabetes and weight control, whereas Wegovy is available to patients though specialist weight management services.
Ozempic, designed to treat diabetes, has exploded in popularity as they have been repurposed as miracle diet aids.
Ozempic has been accompanied by drugs Wegovy and Mounjaro on the market. They work by supressing appetie and lengthening the amount of time food stays in the stomach.
Studies have showed these drugs help people lose more than 20% of their bodyweight.
WW have struggled to cope financially as these medications have taken over.
The health and wellness company now has £135 million debt due next year.
They also have more than £1 billion of loans and bonds due in 2028 and 2029.
The health and wellness company now has £135 million debt due next year.
They also have more than £1 billion of loans and bonds due in 2028 and 2029.
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