WeightWatchers, a 62-year-old health and wellness company that has faced stiff competition from new weight-loss drugs and programs, filed for bankruptcy on Tuesday in an effort to reduce its debt by more than $1 billion while it expands its telehealth business. In its heyday, WeightWatchers shaped how millions of people in the United States and beyond ate and exercised. Oprah Winfrey was once a spokeswoman and board member. But the company has struggled to keep its customers as people turn to weight-loss medications, fitness apps and social media influencers.

The WeightWatchers weight loss brand has filed for bankruptcy. The company said in a press release Tuesday that "it will implement a financial reorganization transaction that will bolster its financial position, increase investment flexibility in its strategic growth initiatives, and better serve its millions of members around the world." The transaction is designed to eliminate $1.15 billion in debt, which the company says will reposition it for "long-term growth and success," and that the fiscal changes WeightWatchers can "execute its transformation plan, which includes innovating its digital and member experience and accelerating the expansion of its telehealth business."

WeightWatchers, whose dieting and wellness programs were once a central part of U.S. fitness culture, has filed for bankruptcy to adjust to the increasing use of drugs like Ozempic for weight loss. WeightWatchers has been offering drugs as a complement to its legacy business model of providing food consumption and exercise plans, though the company’s clinical business hasn’t grown fast enough to offset the decline in subscriptions to its core programs as many women decide the drugs are all they need. WeightWatchers has also struggled with the advent of free fitness apps and advice from social-media influencers, which have provided other channels for women who seek guidance to hit their weight-loss targets.