Shares have slumped 60% since the Wall Street Journal reported in April that the company was preparing to file for bankruptcy in the coming months.

WeightWatchers filed for Chapter 11 bankruptcy protection Tuesday, saying it plans to slash debt and stay in business. Why it matters: The company has been grappling with sinking sales amid the surge of weight-loss drugs and changing health habits.

WW International (WW), popularly known as WeightWatchers, filed for Chapter 11 bankruptcy protection on Tuesday after its business struggled for years due to the rise of weight loss drugs. The company's shares dipped over 56% in extended trading after ending up 11.