(Gray News) – WeightWatchers is preparing to file for bankruptcy, according to a new report from the Wall Street Journal.

The outlet said that WeightWatchers, or WW, is reportedly preparing to file for bankruptcy in the coming months as part of a plan to hand control of the business to its creditors.

The plans are not final, and the company is still negotiating with a key group of lenders and bondholders, WSJ said.

WW has faced financial struggles amid the rise of weight-loss drugs like Ozempic and Wegovy. The company previously shifted its business model and strategized to offer support in combination with these medications as the diet industry evolved.

However, many WW users expressed displeasure at the company’s move to embrace the controversial weight-loss drugs, saying they wished the brand would have stuck to its roots about diet and exercise.

On the other hand, a traditional diet program focusing on mindful eating may be a thing of the past as many Americans are turning to shots like Ozempic and Wegovy to achieve their goals.

One study from 2024 found that about 1 in 8 adults in the United States has used a GLP-1 drug like Ozempic or Mounjaro at some point in their life.

Oprah Winfrey’s exit from the company in February 2024 also shook up the WW brand when she ended a decade-long stint as a director. She also told PEOPLE that she uses weight-loss drugs to manage her weight, though she did not specify which medication.

“I was actually recommending it to people long before I was on it myself,” she told PEOPLE.

Winfrey’s departure from WW sent its stocks tumbling at the time, CNN reported.

According to Forbes, shares of WW are down more than 80% over the past five years.

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