WW International declares Chapter 11
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 7 May 2025
⏱️ 5 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Wednesday, May 7th. I'm Julie Morgan. A bankruptcy filing for Weight Watchers, trade negotiators head to Switzerland, and Rivian hits a $1 billion milestone. |
| 0:27.9 | WW International, formerly known as Weight Watchers, declared Chapter 11 bankruptcy protection along with its first quarter results. The company, which has recently been in financial trouble |
| 0:33.5 | given the rising popularity of weight loss drugs, said it is implementing a reorganization deal |
| 0:39.0 | with certain holders to eliminate $1.15 billion in debt from its balance sheet. The company also reported |
| 0:46.5 | a 9.7% fall in first quarter revenue of 186.6 million, while it recorded an adjusted loss of 47 cents per share. The CEO said the |
| 0:57.9 | decisive actions that they're taking today with the overwhelming support of lenders and note holders |
| 1:03.9 | will give them the flexibility to accelerate innovation, reinvest in their members, and lead |
| 1:10.0 | with authority in a rapidly evolving |
| 1:12.2 | weight management landscape. |
| 1:15.0 | The major indexes are in the green early Wednesday after a government spokesperson said |
| 1:19.9 | U.S. Treasury Secretary Scott Bessent and U.S. trade representative Greer would meet with |
| 1:25.5 | their Chinese counterparts this week in Switzerland |
| 1:28.4 | for preliminary trade negotiations. Besant and Greer will reportedly travel together to Geneva |
| 1:35.1 | on May 8th, also meeting with the Swiss president to discuss negotiations over reciprocal trade. |
| 1:42.3 | Stocks have been volatile since President Trump announced his first round of tariffs on April 2nd. |
| 1:49.0 | Rivian Automotive traded slightly lower on Tuesday after reporting Q1 results in updating on its |
| 1:55.3 | 2025 outlook to adjust for the tariff backdrop. |
| 1:59.1 | Notably, the company said it achieved gross profit of $206 million |
| 2:03.4 | during the quarter to market second consecutive quarter in the green. By hitting the milestone, |
| 2:09.4 | Rivian unlocked an expected $1 billion investment from Volkswagen Group as part of their joint |
| 2:15.3 | venture agreement. The investment is expected to be funded on June 30th |
... |
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