WeightWatchers is preparing to file for bankruptcy and pass its holdings onto creditors, the Wall Street Journal reported on Wednesday.

According to sources familiar with the matter, WW International has seen a sizable decline in revenues recently due to rise of quick fix weight loss pharmaceuticals such as Novo Nordisk’s Ozempic and Wegovy.

In February, S&P Global Ratings downgraded the company’s rating noting that its primary subscriber base has aged and its brand is struggling to maintain relevancy, particularly among younger consumers. WeightWatchers, which was founded in the 1960’s, has seen its revenue decline in recent quarters. In 2023 the company’s value dropped nearly 15% to $889.6 million from the previous year, while it lost $112 million.

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