WeightWatchers is planning to file for bankruptcy after failing to compete against the rise of drug treatments such as Ozempic, reports have said.

A number of options are being considered and negotiations are ongoing with lenders and bondholders.

Reports of a planned Chapter 11 bankruptcy, should negotiations fail, was first reported by the Wall Street Journal.

Health and wellness company WW International, known as WeightWatchers, has struggled under the weight of $1.6 billion in debt.

Founded in 1963, it has influenced millions of people around the world, by selling its weight-loss programs, low-calorie foods and diet advice. It rebranded as WW in 2018.

It is now planning to hand control of the business to creditors, people familiar with the company have said.

The rise of weight-loss drugs like Ozempic and Wegovy are said to have disrupted its business model and lured away many of its former customers.

Alarm bells first rang in March 2023, when shares hit an all-time low amid declining sales. The scales were tipped even further when longtime investor Oprah Winfrey — who admitted to using weight-loss medication — stepped down from the board.

Shares plummeted by 59% this week after news of the bankruptcy broke and WW's market value was said to have dropped to just $33.3million — a shadow of its $6.7billion peak.

By comparison, Ozempic-maker Novo Nordisk is valued at $2.6trillion.

Punchline-gloucester.com has contacted WW for a comment.