NEW YORK – On Tuesday, WeightWatchers announced it is seeking Chapter 11 bankruptcy protection to restructure $1.15 billion in debt and concentrate on evolving into a telehealth services provider.

WW International Inc., the parent company, stated that nearly 75% of its debt holders are supporting this move. They anticipate exiting bankruptcy within 45 days or possibly sooner.

Founded over 60 years ago, WeightWatchers has faced challenges lately. In 2023, it ventured into the prescription weight loss arena, notably acquiring Sequence for $106 million, which is now the WeightWatchers Clinic, a telehealth service aiding users in obtaining prescriptions for medications like Ozempic, Wegovy, and Trulicity.

Its latest earnings report Tuesday showed that first-quarter revenue declined 10% while its loss on an adjusted basis totaled 47 cents per share. However, clinical subscription revenue — or weight-loss medications — jumped 57% year over year to $29.5 million.

In September, WW International CEO Sima Sistani resigned, and the New York company named Tara Comonte, a WeightWatchers board member and former Shake Shack executive, interim chief executive.

Comonte, now CEO, said in a statement Tuesday that, “As the conversation around weight shifts toward long-term health, our commitment to delivering the most trusted, science-backed, and holistic solutions —grounded in community support and lasting results — has never been stronger, or more important.”

Shares of the company have traded at under $1 since early February. In after-hours trading, the stock plunged by half to 39 cents.

The bankruptcy filing was made in U.S. Bankruptcy Court for the District of Delaware.