On Tuesday (May 6), WeightWatchers announced filing for Chapter 11 bankruptcy.
According to the company’s website, “After careful planning and discussions, we decided to initiate a prepackaged chapter 11 process. 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. Instead, it allows for an organized restructuring of a company’s balance sheet. Again, this means we are not going out of business–but conducting business as usual while we undergo this process”
The company will work to eliminate $1.15 billion in debt.
The reorganization will support WeightWatchers’ transformation strategy, focusing on improving digital and…
