Weightwatches, a 62-year-old health and well-being company that has faced strict competition from new weight-deras drugs and programs, filed for bankruptcy on Tuesday in an attempt to reduce its debt more than $ 1 billion when it extends its telehews business.
In his succession, the waitwatchers have shaped how the United States ate and practiced outside and beyond it. Uttah Winfrey was once a spokesperson and a member of the board.
People have fought to keep its customers as people return to weight loss drugs, fitness apps and social media influencers.
Under the bankruptcy plan filed in the Delawaire, a group of Weightwathers will accept, filing, filing. Once the process is over within about 45 days, existing shareholders will retain 9 percent partnerships and continue to operate the company.
The chief executive of the Weightwatches, Tara said in a statement in the Commont, “Changes” will give us the flexibility of leading the authority to the natural scene of our members to accelerate our innovation, to invest in our members and to rapidly develop weight. “
Waitwatches were founded in New York City, an entrepreneur named Jean Needach who fell £ 722 in compliance with a harsh diet with his friends. He charged a fee of dietors to take part in the periodic meeting, where they were encouraged to keep track of what they ate and inspired each other.
The company developed by adding a practice method and a point system that determines the amount of appropriate food parts. Now it provides weight loss programs and fitness coaching on its mobile app and website.
In 2022, the Federal Trade Commission said that his weight loss app for children was illegally collected personal information from minors. Pediatricians criticized this app, warned that weight loss programs for children could be a disorder.
In recent years, the company has faced headwinds from the growing demand for Ojampic, Wagovi, Jepbound and other drugs, which help people to lose weight by suppressing appetite.
Weightwatches have been re -branded as Wetwatches in 2018 as part of an attempt to make his focus further wide out of weight loss. In 2023, it acquired subscription-based telefelt platform sequences and began to provide weight loss drugs.
The company’s latest income report on Tuesday showed that its earnings from its clinical business, including prescription drugs, increased by 57 percent a year. However, its first quarter’s income has decreased by 10 percent.
As a result of the Coronavirus epidemic, there was a significant decrease among the people participating in the meeting in India, thereby induced the number of meetings given by the company.
Weightwatches lost one of his prominent spokesperson, Mrs. Winfrey.
He joined its board on the 21st and gave the waitwatchers to help to lose his 40 pounds. However, last year, a few months after he announced he was taking weight-and-and-a-blood drugs, the company said he was leaving.
A few months later, the shares of the Weightwatches, which rose to about $ 100 in 2018, became a penny stock. They were closed on 79 cents on Tuesday.
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