(Reuters) – WW International, formerly known as WeightWatchers, said it plans to file for Chapter 11 bankruptcy protection on Tuesday, as the surging popularity of obesity drugs eroded demand for its traditional weight-loss programs.
The company plans to file for prepackaged bankruptcy as part of negotiations with its lenders to cut its debt, it said.
In a prepackaged bankruptcy, a company and its creditors agree on a reorganization plan prior to the bankruptcy filing.
The filing is expected soon, which will likely cover both WW International and its subsidiaries, the company said.
(Reporting by Siddhi Mahatole, Abhinav Parmar and Christy Santhosh in Bengaluru; Editing by Sriraj Kalluvila and Leroy Leo)
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