The once-popular weight management company WeightWatchers has filed for Chapter 11 bankruptcy in an effort to alleviate some of its debt.

The New York-based firm announced Tuesday that it has entered a "comprehensive agreement with lenders and noteholders" to significantly reduce its $1.15 billion debt load. WeightWatchers said operations will continue with no impact to its more than three million members worldwide.

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"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. "The decisive actions we’re taking today, 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.

The subscription-based WeightWatchers has faced challenges in competing with popular weight management medications like Ozempic and Wegovy in recent years. The company also experienced a setback when media mogul Oprah Winfrey departed from its board of directors last year.

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WeightWatchers said it hopes to emerge from the court-supervised reorganization process in approximately 45 days or sooner and will then be well-equipped to innovate its digital and member experience, as well as expand on its telehealth business.

"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," Comonte said in a statement.