WeightWatchers files for bankruptcy protection to eliminate debt burden
NEW YORK (AP) — WeightWatchers said Tuesday it is filing for Chapter 11 bankruptcy protection to eliminate $1.15 billion in debt and focus on its transition into a telehealth services provider.
Parent WW International Inc. said it has the support of nearly three-quarters of its debt holders. It expects to emerge from bankruptcy within 45 days, if not sooner.
WeightWatchers, which was founded more than 60 years ago, has struggled recently. In 2023, the company moved into the prescription drug weight loss business — particularly with the $106 million acquisition of Sequence, now WeightWatchers Clinic, a telehealth service that helps users get prescriptions for drugs like Ozempic, Wegovy and Trulicity.
Its latest earnings report Tuesday showed that first-quarter revenue declined 10% while its loss on an adjusted basis totaled 47 cents per share. However, clinical subscription revenue — or weight-loss medications — jumped 57% year over year to $29.5 million.
In September, WW International CEO Sima Sistani resigned, and the New York company named Tara Comonte, a WeightWatchers board member and former Shake Shack executive, interim chief executive.
Comonte, now CEO, said in a statement Tuesday that, "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.'
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Hamilton Spectator
41 minutes ago
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COLUMBUS, Ohio (AP) — A landmark U.S. Supreme Court ruling 10 years ago this month, on June 26, 2015, legalized same-sex marriage across the U.S. The Obergefell v. Hodges decision followed years of national wrangling over the issue, during which some states moved to protect domestic partnerships or civil unions for same-sex partners and others declared marriage could exist only between one man and one woman. In plaintiff James Obergefell's home state of Ohio, voters had overwhelmingly approved such an amendment in 2004 — effectively mirroring the federal Defense of Marriage Act, which denied federal recognition of same-sex couples. That laid the political groundwork for the legal challenge that bears his name. Here's what you need to know about the lawsuit, the people involved and the 2015 ruling's immediate and longer term effects: Who are James Obergefell and Rick Hodges? Obergefell and John Arthur, who brought the initial legal action, were long-time partners living in Cincinnati. They had been together for nearly two decades when Arthur was diagnosed with ALS, or amyotrophic lateral sclerosis, in 2011. Obergefell became Arthur's caregiver as the incurable condition ravaged his health over time. When in 2013 the Supreme Court struck down the federal Defense of Marriage Act, which had denied federal recognition of same-sex marriages, the pair acted quickly to get married. Their union was not allowed in Ohio, so they boarded a plane to Maryland and, because of Arthur's fragile health, married on the tarmac. It was when they learned their union would not be listed on Arthur's death certificate that the legal battle began. They went to court seeking recognition of their marriage on the document and their request was granted by a court. Ohio appealed and the case began its way up the ladder to the nation's high court. A Democrat, Obergefell made an unsuccessful run for the Ohio House in 2022. Rick Hodges, a Republican, was director of the Ohio Department of Health from August 2014 to 2017. The department handles death certificates in the state. Before being appointed by then-Gov. John Kasich, Hodges served five years in the Ohio House. Acquainted through the court case, he and Obergefell have become friends. What were the legal arguments? The lawsuit eventually titled Obergefell v. Hodges argued that marriage is guaranteed under the U.S. Constitution's Fourteenth Amendment, specifically the due process and equal protection clauses. The litigation consolidated several lawsuits brought by same-sex couples in Ohio, Kentucky, Michigan and Tennessee who had been denied marriage licenses or recognition for their out-of-state marriages and whose cases had resulted in conflicting opinions in federal circuit courts. In a 5-4 decision, the Supreme Court ruled the right to marry is fundamental, calling it 'inherent in the liberty of the person,' and therefore protected by the Constitution. The ruling effectively nullified state-level bans on same-sex marriages, as well as laws declining to recognize same-sex marriages performed in other jurisdictions. The custody, property, tax, insurance and business implications of of the decision have also had sweeping impacts on other areas of law. How did the country react to the decision? Same-sex marriages surged in the immediate wake of the Obergefell decision, as dating couples and those already living as domestic partners flocked to courthouses and those houses of worship that welcomed them to legalize their unions. Over the ensuing decade, the number of married same-sex couples has more than doubled to an estimated 823,000, according to June data compiled by the Williams Institute at the University of California Los Angeles School of Law. 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Miami Herald
an hour ago
- Miami Herald
BBQ chain closes restaurants, changes focus from ribs to breasts
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"Twin Hospitality now trades separately on the NASDAQ under the ticker TWNP. The public listing of Twin Hospitality creates an opportunity for shareholders to directly participate in the growth and success of the Twin Peaks brand. This strategic move enhances transparency and enables the market to better appreciate the distinct value of Twin Peaks," Wiederhorn said. Twin Peaks is a sports bar/breastaurant model where the waitresses wear low-cut outfits. The new company's executives also commented on the Smokey Bones conversions. "Our flexible real estate model has proven highly successful in converting legacy restaurants into Twin Peaks. These conversions enable faster time to market, lower buildout costs and accelerated return on investment," said CFO Ken Kuick.. Some of the conversions have already come online. "We have also made progress with our strategic plans to convert Smokey Bones into Twin Peaks. Our first Twin Peaks conversion, which opened in Lakeland, Florida last September, is exceeding expectations, while our second Twin Peaks conversion in Brandon, Florida opened this month and is off to a strong start. We project completing two additional conversions in 2025." Related: Popular BBQ chain closes almost all locations, no bankruptcy That means that Smokey Bones fans still have time to enjoy a 1-pound slab of ribs or some of the chain's other favorites. Most of the nine locations that are fully closing have already been closed. One location, which closed in late-April in order to become a Twin Peaks, reminded customers to use any Smokey Bones coupons before their local location shut down. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
San Francisco Chronicle
an hour ago
- San Francisco Chronicle
What to know about the Supreme Court ruling 10 years ago that legalized same-sex marriage in the US
COLUMBUS, Ohio (AP) — A landmark U.S. Supreme Court ruling 10 years ago this month, on June 26, 2015, legalized same-sex marriage across the U.S. The Obergefell v. Hodges decision followed years of national wrangling over the issue, during which some states moved to protect domestic partnerships or civil unions for same-sex partners and others declared marriage could exist only between one man and one woman. In plaintiff James Obergefell's home state of Ohio, voters had overwhelmingly approved such an amendment in 2004 — effectively mirroring the federal Defense of Marriage Act, which denied federal recognition of same-sex couples. That laid the political groundwork for the legal challenge that bears his name. Here's what you need to know about the lawsuit, the people involved and the 2015 ruling's immediate and longer term effects: Who are James Obergefell and Rick Hodges? Obergefell and John Arthur, who brought the initial legal action, were long-time partners living in Cincinnati. They had been together for nearly two decades when Arthur was diagnosed with ALS, or amyotrophic lateral sclerosis, in 2011. Obergefell became Arthur's caregiver as the incurable condition ravaged his health over time. When in 2013 the Supreme Court struck down the federal Defense of Marriage Act, which had denied federal recognition of same-sex marriages, the pair acted quickly to get married. Their union was not allowed in Ohio, so they boarded a plane to Maryland and, because of Arthur's fragile health, married on the tarmac. It was when they learned their union would not be listed on Arthur's death certificate that the legal battle began. They went to court seeking recognition of their marriage on the document and their request was granted by a court. Ohio appealed and the case began its way up the ladder to the nation's high court. A Democrat, Obergefell made an unsuccessful run for the Ohio House in 2022. Rick Hodges, a Republican, was director of the Ohio Department of Health from August 2014 to 2017. The department handles death certificates in the state. Before being appointed by then-Gov. John Kasich, Hodges served five years in the Ohio House. Acquainted through the court case, he and Obergefell have become friends. What were the legal arguments? The lawsuit eventually titled Obergefell v. Hodges argued that marriage is guaranteed under the U.S. Constitution's Fourteenth Amendment, specifically the due process and equal protection clauses. The litigation consolidated several lawsuits brought by same-sex couples in Ohio, Kentucky, Michigan and Tennessee who had been denied marriage licenses or recognition for their out-of-state marriages and whose cases had resulted in conflicting opinions in federal circuit courts. In a 5-4 decision, the Supreme Court ruled the right to marry is fundamental, calling it 'inherent in the liberty of the person,' and therefore protected by the Constitution. The ruling effectively nullified state-level bans on same-sex marriages, as well as laws declining to recognize same-sex marriages performed in other jurisdictions. The custody, property, tax, insurance and business implications of of the decision have also had sweeping impacts on other areas of law. How did the country react to the decision? Same-sex marriages surged in the immediate wake of the Obergefell decision, as dating couples and those already living as domestic partners flocked to courthouses and those houses of worship that welcomed them to legalize their unions. Over the ensuing decade, the number of married same-sex couples has more than doubled to an estimated 823,000, according to June data compiled by the Williams Institute at the University of California Los Angeles School of Law. Not all Americans supported the change. Standing as a national symbol of opponents was Kim Davis, a then-clerk in Rowan County, Kentucky, who refused to issue marriage licenses on religious grounds. She was briefly jailed, touching off weeks of protests as gay marriage foes around the country praised her defiance. Davis, a Republican, lost her bid for reelection in 2018. She was ordered to pay thousands in attorney fees incurred by a couple unable to get a license from her office. She has appealed in July 2024 in a challenge that seeks to overturn Obergefell. As he reflects of the decision's 10th anniversary, Obergefell has worried aloud about the state of LGBTQ+ rights in the country and the possibility that a case could reach the Supreme Court that might overturn the decision bearing his name. Eight states have introduced resolutions this year urging a reversal and the Southern Baptist Convention voted overwhelmingly at its meeting in Dallas earlier this month in favor of banning gay marriage and seeing the Obergefell decision overturned. Meanwhile, more than a dozen states have moved to strengthen legal protections for same-sex married couples in case Obergefell is ever overturned. In 2025, about 7 in 10 Americans — 68% — said marriages between same-sex couples should be recognized by the law as valid, up from 60% in May 2015.
