NASDAQ
12 hours, 46 minutes ago 
WW
Ww International, INC
8-K: WW International Faces Delisting from Nasdaq Amid Chapter 11 Proceedings
WW International (Weight Watchers) receives notice of delisting from Nasdaq following the commencement of voluntary prepackaged Chapter 11 cases.
Worse than expected
 
NASDAQ
2 days, 23 hours ago 
WW
Ww International, INC
8-K: WW International Files for Chapter 11 to Restructure Debt, Aims for Quick Exit
WW International, Inc. initiates a pre-packaged Chapter 11 reorganization to eliminate $1.15 billion in debt and enhance its financial flexibility.
NASDAQ
3 days, 13 hours ago 
WW
Ww International, INC
10-Q: WW International Faces Debt Restructuring Amidst Financial Challenges
WW International is in discussions to restructure its debt and anticipates a prepackaged bankruptcy filing due to financial difficulties and an expected event of default.
Worse than expected
 
NASDAQ
3 days, 13 hours ago 
WW
Ww International, INC
8-K: WW International Announces Q1 2025 Results, Clinical Subscriptions Surge Amid Debt Restructuring
WW International reports a 9.7% revenue decrease in Q1 2025, but sees a 57.1% increase in clinical subscription revenues and is engaged in discussions for a plan of reorganization to significantly reduce debt.
Worse than expected
 
NASDAQ
18 days, 13 hours ago 
WW
Ww International, INC
DEF: WW International Sets Date for 2025 Annual Shareholder Meeting, Outlines Key Proposals
WW International announces its 2025 Annual Meeting of Shareholders to be held virtually on June 6, 2025, featuring proposals for director elections, auditor ratification, and executive compensation approval.
NASDAQ
21 days, 13 hours ago 
WW
Ww International, INC
Form 4: WW International Executive Michael Amsel Awarded Restricted Stock Units
Chief Marketing Officer Michael Amsel receives 524,109 restricted stock units in WW International, Inc.
NASDAQ
39 days, 13 hours ago 
WW
Ww International, INC
Form 4: WW International CEO Tara Comonte Reports Stock Transactions
Tara Comonte, President and CEO of WW International, reports the acquisition and disposal of common stock and restricted stock units on March 27, 2025.
NASDAQ
49 days, 13 hours ago 
WW
Ww International, INC
8-K: WW International Faces Nasdaq Delisting Notice After Share Price Drops Below $1.00
WW International (WeightWatchers) received a notice from Nasdaq for failing to maintain a minimum share price of $1.00, putting its listing at risk.
Worse than expected
 
NASDAQ
67 days, 12 hours ago 
WW
Ww International, INC
Form 4: WW International CEO Tara Comonte Reports Stock Transactions
Tara Comonte, President and CEO of WW International, reports the acquisition and disposal of common stock and restricted stock units on February 27, 2025.
NASDAQ
70 days, 21 hours ago 
WW
Ww International, INC
10-K: WW International Reports Fiscal Year 2024 Results: Transformation Efforts Continue Amidst Market Challenges
WW International faces revenue decline due to shifts in consumer behavior and increased competition, but focuses on strategic initiatives and cost management.
Worse than expected
 
WW 
Ww International, INC 
NASDAQ

10-Q: WW International Faces Debt Restructuring Amidst Financial Challenges

Sentiment:
 Quarterly Report
 6 May 2025 4:13 PM

WW International is in discussions to restructure its debt and anticipates a prepackaged bankruptcy filing due to financial difficulties and an expected event of default.

Worse than expected
  The company's financial results were worse than expected due to declining revenues and increasing losses.  The company's leverage ratio was worse than required by its debt covenants, leading to an expected event of default.  The company's outlook is worse than expected due to the anticipation of a bankruptcy filing. 

Summary
  • WW International is facing significant financial challenges due to competitive pressures and shifts in consumer behavior.
  • The company is in discussions with lenders and noteholders to restructure its debt, aiming to reduce the principal amount and interest payments.
  • WW International anticipates a prepackaged bankruptcy filing under Chapter 11 of the U.S. Bankruptcy Code.
  • An event of default is expected under the Revolving Credit Facility, potentially leading to acceleration of debt.
  • The company's Consolidated First Lien Leverage Ratio as of March 29, 2025, was 7.37:1.00, exceeding the required threshold.
  • Revenues for Q1 2025 decreased by 9.7% to $186.6 million compared to Q1 2024.
  • The company recorded an operating loss of $20.2 million and a net loss of $72.6 million in Q1 2025.
  • Cash provided by operating activities for Q1 2025 was $15.0 million.
  • The company had unrestricted cash on hand of $236.3 million at March 29, 2025.
  • Total debt outstanding as of March 29, 2025, was $1,616.3 million.
  • Management has concluded that there is substantial doubt about the company's ability to continue as a going concern.
Sentiment

Score: 2

Explanation: The document indicates significant financial distress, an expected event of default, and substantial doubt about the company's ability to continue as a going concern, resulting in a very negative sentiment.

Highlights
  • WW International is negotiating a debt restructuring with lenders and noteholders.
  • The company expects a prepackaged Chapter 11 bankruptcy filing imminently.
  • An event of default is anticipated under the Revolving Credit Facility due to non-compliance with leverage ratio requirements.
  • Q1 2025 revenues decreased by 9.7% year-over-year to $186.6 million.
  • The company reported a net loss of $72.6 million for Q1 2025.
  • There is substantial doubt about WW International's ability to continue as a going concern.
Positives
  • The Clinical business is growing, though not enough to offset declines in the Behavioral business.
  • The company is executing cost-savings initiatives, including restructuring plans, to manage liquidity.
  • Gross margin for the first quarter of fiscal 2025 increased to 71.2% from 66.7% for the first quarter of fiscal 2024.
  • Selling, general and administrative expenses as a percentage of revenue for the first quarter of fiscal 2025 decreased to 25.1% from 28.6% for the first quarter of fiscal 2024.
Negatives
  • Significant disruption and competitive pressures have negatively impacted the Behavioral business.
  • The company has recurring net losses and a total deficit of $1,182.9 million as of March 29, 2025.
  • An event of default is expected under the Revolving Credit Facility.
  • There is substantial doubt about the company's ability to continue as a going concern.
  • The company has no availability for future borrowings under its Revolving Credit Facility.
Risks
  • Failure to successfully restructure debt through a prepackaged bankruptcy filing.
  • Acceleration of debt due to the anticipated event of default under the Revolving Credit Facility.
  • Inability to meet debt service requirements.
  • Potential loss of members and vendors due to concerns about the company's long-term prospects.
  • Negative publicity and the need to seek court or creditor approval for certain actions during bankruptcy proceedings.
  • The company's common stock may be delisted from Nasdaq.
Future Outlook

The company anticipates a prepackaged bankruptcy filing under Chapter 11 of the U.S. Bankruptcy Code and is working to restructure its debt.

Industry Context

The announcement reflects the challenges faced by traditional weight management companies in the face of new weight-loss medications and changing consumer preferences.

Comparison to Industry Standards
  • Comparable companies in the weight management industry, such as Nutrisystem and Jenny Craig, have also faced challenges adapting to the changing market landscape.
  • The rise of GLP-1 medications has disrupted the traditional weight loss market, impacting companies like WW International.
  • Other companies in the broader health and wellness space, such as Peloton and Fitbit, have also experienced volatility and restructuring efforts.
Stakeholder Impact
  • Shareholders face significant risk due to potential bankruptcy and delisting.
  • Employees may experience uncertainty and potential job losses during restructuring.
  • Customers may be affected by changes in service offerings and potential disruptions.
  • Suppliers and creditors face increased risk of non-payment or renegotiated terms.
Next Steps
  • Negotiating a restructuring support agreement with lenders and noteholders.
  • Preparing for a prepackaged bankruptcy filing under Chapter 11 of the U.S. Bankruptcy Code.
  • Transitioning WeightWatchers Clinic members to other available and suitable medications.
Key Dates
  • April 13, 2021: Date of the Credit Agreement among WW International, lenders, and Bank of America.
  • April 13, 2026: Stated maturity of the Revolving Credit Facility.
  • April 13, 2028: Stated maturity of the Term Loan Facility.
  • April 15, 2029: Stated maturity of the Senior Secured Notes.
  • May 13, 2025: Date the next compliance certificate is due, triggering a potential Event of Default.
  • June 4, 2025: Expiration of the cure period for the anticipated Event of Default.
Keywords
debt restructuring, bankruptcy, Chapter 11, financial distress, going concern, WW International, leverage ratio, event of default, restructuring support agreement
WW 
Ww International, INC 
NASDAQ
Sector: TBD
 
Filings with Classifications
Worse than expected
9 May 2025 5:03 PM
8-K Filing
  • The company received a delisting notice from Nasdaq.
  • The company has commenced voluntary prepackaged cases under chapter 11 of title 11 of the United States Code.
  • Trading of WW International's common stock is expected to be suspended on May 16, 2025.
Worse than expected
6 May 2025 4:13 PM
Quarterly Report
  • The company's financial results were worse than expected due to declining revenues and increasing losses.
  • The company's leverage ratio was worse than required by its debt covenants, leading to an expected event of default.
  • The company's outlook is worse than expected due to the anticipation of a bankruptcy filing.
Worse than expected
6 May 2025 4:03 PM
Earnings Release
  • Overall revenues decreased by 9.7% year-over-year, indicating a decline in the core business.
  • Total subscribers decreased by 14.2% year-over-year, suggesting challenges in retaining and attracting customers.
  • The company is planning a prepackaged filing under Chapter 11 of the U.S. Bankruptcy Code, indicating financial distress.
Worse than expected
21 March 2025 4:05 PM
8-K Filing
  • WW International received a notice from Nasdaq for failing to maintain a minimum share price of $1.00, which is worse than expected.
Worse than expected
28 February 2025 7:14 AM
Annual Results
  • The company's revenue decreased by 11.6% compared to the previous year.
  • The company recorded a net loss of $345.7 million, a significant increase from the net loss of $112.3 million in the previous year.
  • The company's operating loss was $236.2 million, compared to an operating income of $22.3 million in the previous year.
Worse than expected
27 February 2025 4:01 PM
Earnings Release
  • Overall subscriber numbers and total revenues decreased in both Q4 and full year 2024.
  • Digital and Workshops + Digital businesses experienced declines in subscribers and paid weeks.
  • The company reported a significant operating loss for the full year, driven by non-cash impairment charges.
Worse than expected
3 February 2025 4:15 PM
8-K Filing
  • The company needed to draw down the remaining amount of its revolving credit facility, which may indicate financial strain.
Worse than expected
6 November 2024 4:03 PM
Quarterly Report
  • The company's Q3 2024 results were worse than expected due to a significant net loss, a decline in revenue, and substantial impairment charges.
  • The company's net loss for the first nine months of 2024 was significantly worse than the same period in 2023 due to a large impairment charge.
Worse than expected
6 November 2024 7:05 AM
Quarterly Report
  • The company's revenue and overall subscriber numbers were down compared to the prior year, indicating worse than expected results.
Worse than expected
1 August 2024 7:13 AM
Quarterly Report
  • The company's revenue declined by 10.9% in the second quarter and 12.8% for the first six months of 2024, indicating worse than expected performance.
  • The company recorded a significant net loss of $324.6 million for the first six months of 2024, primarily due to a large impairment charge, which is worse than expected.
Worse than expected
1 August 2024 7:05 AM
Quarterly Report
  • The company's revenue decreased by 10.9% year-over-year, indicating worse than expected performance.
  • The company's net income decreased by 54.2% year-over-year, indicating worse than expected performance.
  • The company's total end of period subscribers decreased by 6.1% year-over-year, indicating worse than expected performance.
Worse than expected
24 May 2024 5:15 PM
Amendment to 8-K Filing
  • The proposal to adopt a majority voting standard for uncontested director elections was not approved by shareholders, which is a negative outcome for the company's governance structure.
  • The initial voting results were erroneous, requiring a correction, which reflects poorly on the company's internal processes.
Worse than expected
9 May 2024 5:39 PM
Quarterly Report Amendment
  • The company's net loss of $347.9 million is significantly worse than the $118.7 million loss in the same period last year.
  • The company's revenue decreased by 14.6%, indicating a worse performance compared to the prior year.
  • The company's operating loss of $269.3 million is significantly worse than the $28.6 million loss in the prior year.
Worse than expected
9 May 2024 4:30 PM
Quarterly Report Amendment
  • The company's revenue decreased by 14.6% year-over-year, indicating a worse performance than expected.
  • The company reported a significant operating loss of $269.3 million, primarily due to non-cash impairment charges, which is worse than expected.
  • The company's total end of period subscribers decreased by 0.5% year-over-year, indicating a worse performance than expected.
Worse than expected
2 May 2024 4:09 PM
Quarterly Report
  • The company's net loss of $347.9 million is significantly worse than the $118.7 million loss in the same quarter last year.
  • The company's revenue decreased by 14.6%, indicating a decline in business performance.
  • The company incurred a $258 million impairment charge on franchise rights, further impacting the financial results.
Worse than expected
2 May 2024 4:05 PM
Quarterly Report
  • The company reported a significant operating loss of $269.3 million, primarily due to non-cash impairment charges, which is worse than expected.
  • Subscription revenues decreased by 3.7% on a constant currency basis, indicating a decline in core business performance.
  • Other revenues declined dramatically by 92.0% on a constant currency basis, which is a significant negative impact.
Better than expected
14 March 2024 4:41 PM
Regulation FD Disclosure
  • The company is on track to exceed its previously provided guidance for clinical subscribers, indicating better than expected performance.
Worse than expected
28 February 2024 4:29 PM
Annual Results
  • The company's revenue decreased by 14.5% year-over-year, indicating worse than expected performance.
  • The company's gross profit decreased by 14.8% year-over-year, indicating worse than expected performance.
  • The company's operating income margin decreased by 4.6% year-over-year, indicating worse than expected performance.
Worse than expected
28 February 2024 4:06 PM
Quarterly Report
  • The company's revenue decreased by 7.6% in Q4 2023 and 14.5% for the full year 2023, indicating worse than expected performance.
  • The company reported a net loss of $88.1 million in Q4 2023 and $112.3 million for the full year 2023, which is worse than the prior year.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.