WeightWatchers has filed for bankruptcy as more Americans turn to weight loss drugs to slim down. The 62-year-old weight loss program's parent company, WW International, announced Tuesday that it aims to eliminate $1.

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

The transaction is designed to eliminate $1.15 billion in debt, which the company says will reposition it for "long-term growth and success," and that the fiscal changes WeightWatchers can "execute its transformation plan, which includes innovating its digital and member experience and accelerating the expansion of its telehealth business."