Ozempic and other drugs like it have been threatening the more traditional weight loss industry since they premiered — and it appears that Weight Watchers is the first to get the hatchet. In a note to investors,

Once boasting up to five million subscribers and backed by the likes of Oprah Winfrey, the company is now trying to shed debt and restructure

Weight Watchers aims to minimize debt with the bankruptcy filing and refocus the business on its telehealth services.