WeightWatchers preparing to file for bankruptcy: report

WeightWatchers is preparing to file for bankruptcy in the coming months as part of a plan to hand control of the business to its creditors, the Wall Street Journal reported Wednesday, citing people familiar with the matter.

The weight management firm is negotiating with lenders and bondholders, the report said, adding that the restructuring discussions are unrelated to the market meltdown and foreign trade tensions due to the Trump administration’s tariff announcement.

Shares of the company were up 3.7% at 48 cents in afternoon trading.

The company did not immediately respond to a Reuters request for comment.

Last year, media mogul Oprah Winfrey announced she was leaving the diet company’s board to “eliminate any perceived conflict of interest around her taking weight-loss medications.”