WeightWatchers, the global commercial weight loss and fitness program, has filed for bankruptcy.

In an announcement, the company said it will start a financial reorganization to “better serve its millions around the world.” Goals for the reorganization include eliminating $1.15 billion in debt, innovating its digital and member experience, and accelerating the expansion of its telehealth business.

WeightWatchers says it plans to remain fully operational during the reorganization process and there will be no impact to members.

The company has launched a dedicated web page for members to get more information about the restructuring process.

“For more than 62 years, WeightWatchers has empowered millions of members to make informed, healthy choices, staying resilient as trends have come and gone,” said Tara Comonte, Chief Executive Officer of WeightWatchers, in the announcement. “The decisive actions we’re taking…with the overwhelming support of our lenders and noteholders, will give us the flexibility to accelerate innovation, reinvest in our members, and lead with authority in a rapidly evolving weight management landscape. As the conversation around weight shifts toward long-term health, our commitment to delivering the most trusted, science-backed, and holistic solutions—grounded in community support and lasting results—has never been stronger, or more important.”

Reuters reports that obesity drugs such as Ozempic have impacted the Weight Watchers business model.