💨 Abstract

WeightWatchers, founded over 60 years ago, has filed for Chapter 11 bankruptcy protection to eliminate $1.15 billion in debt and focus on its transition into a telehealth services provider. The company is shifting its focus towards prescription drug weight loss, following the acquisition of Sequence in 2023. Despite a 10% decline in first-quarter revenue, clinical subscription revenue increased by 57%.

Courtesy: wtop.com

Summarized by Einstein Beta 🤖