WeightWatchers Files for Bankruptcy to Cut Down Debt

The company announced that its first-quarter revenues had fallen by 9.7 percent year-over-year.

A WeightWatchers meeting room and store location in the New York City borough of Staten Island, on June 28, 2016. Eugene Gologursky/Getty Images for Weight Watchers

Weight management company WeightWatchers has filed for bankruptcy protection to reorganize its business because of significant debt burdens.

The company announced that it filed for Chapter 11 bankruptcy at the Bankruptcy Court for the District of Delaware on May 6. It listed estimated assets and liabilities ranging from $1 billion to $10 billion, with the number of creditors at more than 100,000.