WeightWatchers files for bankruptcy protection to eliminate debt burden

WeightWatchers has filed for Chapter 11 bankruptcy protection to eliminate $1.15 billion in debt and pivot towards telehealth services, with support from nearly 75% of its debt holders. The company, which recently ventured into prescription weight-loss drugs through its acquisition of Sequence, reported a 10% revenue decline in Q1 but a 57% increase in clinical subscription revenue. Interim CEO Tara Comonte emphasized the commitment to holistic health solutions as shares plummet to 39 cents following the announcement.