New York-based WW International said last Tuesday that it was seeking Chapter 11 bankruptcy protection to eliminate $1.15bn in debt and position the “company for long-term growth and success.”

“The decisive actions we’re taking today, with the overwhelming support of our lenders and noteholders, will give us the flexibility to accelerate innovation, reinvest in our members, and lead with authority in a rapidly evolving weight management landscape,” CEO Tara Comonte said in a statement.

“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.”

WW International said it expects to emerge as a publicly traded company in about 40 days and that members would not be affected during the reorganisation process.

Founded in 1963 by entrepreneur Jean Nidetch, WeightWatchers became one of the most recognisable brands in the multibillion-dollar diet industry.

Facing growing pressure from drugs such as Ozempic and Wegovy, the company in 2023 acquired telehealth provider Sequence as part of a move into the weight-loss medications business.

Last year, Oprah Winfrey announced that she was leaving the company’s board after previously revealing that she was taking anti-obesity medication.

On Wednesday, shares of Wegovy maker Novo Nordisk rose about 6 percent after the Danish company said it expects a boost in sales in the United States after the Food and Drug Administration ordered a halt to the production of copycat versions of the medication by May 22. (Al Jazeera/AP)