WW International Inc., which has struggled to remain competitive as weight-loss drugs surge in popularity, has filed for Chapter 11 bankruptcy protection.

Iconic weight management brand WeightWatchers filed for bankruptcy Tuesday to shed debt while the company tries to expand its tele-health business.

WeightWatchers has filed for bankruptcy in the US as it struggles with debt and fierce competition from fat-loss jabs like Ozempic and Mounjaro. The legal process will see $1.15bn (£860mn) of the 60-year-old diet brand's debt written off while it agrees new terms for paying back its lenders.