The Daily Examiner:
For 62 years, they were specialists in dieting.
Now Weightwatchers is preparing to file for bankruptcy, writes The Telegraph.
The company, which is headquartered in New York, was founded in 1963 by Jean Nidetch, who described himself as an “overweight housewife who was obsessed with cookies.”
She therefore gathered a group of friends who met in her living room and laid the foundation for the Weight Watchers program, which later became known for its focus on regular weighing and a point system where all food is awarded points according to its fat, protein, carbohydrate and fiber content
Based on size, age, weight and physical activity, participants are awarded a number of points each week that they are allowed to eat for.
All over the world, participants have lost weight following the method, which became a million-dollar business and ended up becoming a listed limited company. But in recent years, the share price has fallen by more than 90 percent, writes the medium.
It is the booming sales of weight loss drugs such as Wegovy and Mounjaro that have taken the company’s breath away, which in the coming months is expected to hand over control of the company to creditors.
According to The Telegraph, it was an extra blow to the company’s solar plexus when even the TV host, Oprah Winfrey, who has been on the board for almost a decade, acknowledged last year that she too had switched to weight loss medication to keep her weight off.
World wide, the company was known for many years both under the name Weight Watchers and Weight Watchers. But despite still attracting reasonable numbers it hasn’t been enough to turn the tide as new slimming inititiatives such as apps and online services
At that time, the problem was that Weight Watchers in Denmark were financially challenged by new slimming initiatives such as apps and online services.
The company’s CEO Sima Sistani took over when weight-loss injections such as Ozempic and Mounjaro became household terms.
In an interview ahead of her two-year anniversary with the company, Sistani said transforming WeightWatchers in the Ozempic era was like Netflix going from DVDs to streaming.
“There was a time in that transition where the market wasn’t necessarily following where they were in their turnaround,” she said. “We’re in that moment right now.”
WW, formerly WeightWatchers, will no longer offer in-person workshops in Australia and New Zealand, upsetting some members who say in-person meetings serve as motivation.
A note on the company’s Australia and New Zealand websites confirms, “All in-person workshops in New Zealand will close as of November 2″ and encourages members to sign up for virtual workshops.
Kiwi and Australian customers are believed to have been informed this month that the face-to-face sessions were coming to an end, reported the Daily Mail Australia, which published an email reportedly sent to WW members.
“After careful and significant consideration, we have made the difficult decision to close our WeightWatchers in-person workshop experience in Australia and New Zealand on 2/11/2024,” it read.
“We recognise this news may be disappointing and apologise for any negative impact this may have on you.”
