(WJET/WFXP) — WeightWatchers, the well-known subscription-based weight loss and wellness program, filed for bankruptcy late Tuesday afternoon.

In a recent press release, WW International announced that the filing of its prepackaged Chapter 11 restructuring plan on Tuesday aims to reduce $1.15 billion of debt. This strategic move is positioned to bolster their financial standing for sustainable growth. The company has been burdened by significant debt, some of which has been on the balance sheet for many years. This restructuring allows the company to reorganize its financial structure without ceasing operations or liquidating assets.

According to court filings, WW International’s current assets and liabilities range between $1 billion and $10 billion, with a creditor list exceeding 100,000.

“For over 62 years, WeightWatchers has empowered millions to make healthy, informed choices, adapting as trends evolve,” stated Tara Comonte, CEO of WeightWatchers. “The decisive measures we’re implementing, with strong backing from our lenders and noteholders, will afford us the flexibility to drive innovation, reinvest in our member base, and assert leadership in the rapidly changing weight management field. As the focus on weight shifts toward long-term health, our dedication to offering the most trusted, science-based, and comprehensive solutions—rooted in community support and sustainable outcomes—remains as vital as ever.”

Comonte says the financial restructuring will free the company up to adjust to a rapidly-changing fitness and weight loss landscape, the Wall Street Journal reports.

The paper reports that WeightWatchers has struggled to compete with the current use of free fitness apps, social-media influencers and the popularity of weight loss drugs like Ozempic.

Operations will continue as normal, avoiding any impact on its more than three million members around the world. The company hopes for a swift process emerging from the restructuring process in approximately 45 days, if not sooner, and intends to exit the process remaining as a publicly traded company.

WeightWatchers has launched a dedicated site for members to get more information about the court-supervised restructuring process.