WeightWatchers has filed for bankruptcy protection, but members won’t see any changes—at least for now. The company, officially known as WW International, announced Tuesday it is entering a court-supervised Chapter 11 process to eliminate more than US$1 billion in debt. It says this move will strengthen its finances and allow it to invest more in new tools and services. “For more than 62 years, WeightWatchers has empowered millions of members,” said CEO Tara Comonte in a release Tuesday. “The decisive actions we’re taking today will give us the flexibility to accelerate innovation and reinvest in our members.” Chapter 11 is a legal process the company says will help reorganize its debts while continuing to operate as usual. “Unlike insolvency court processes in other countries, a prepackaged chapter 11 filing in the U.S. does not mean the company is going out of business or liquidating,” the company website says. “Instead, it allows for an organized restructuring of a company’s balance sheet.” It’s also assuring members that their services will not be impacted by this decision. “Your membership will not be impacted,” the company website says. “There will be no impact on our member offerings, including our programs, app access, and coaching sessions at this time. Members can continue using membership services and offerings as usual and expect the same outstanding service and support from our team.” WW says it expects to exit the bankruptcy process within 45 days and remain publicly traded. It has launched a dedicated web page for members to get more information about the restructuring process that can be accessed on their website. Members with questions are encouraged to call WW Customer Care team at 1-800-651-6000.
