Weight Watchers parent WW stock falls amid report of layoffs at rival Jenny Craig
By James Rogers
Shares of Weight Watchers parent WW International Inc. fell 4.8% Wednesday after a report that rival Jenny Craig is planning to make layoffs
Shares of Weight Watchers parent WW International Inc. fell 4.8% Wednesday after a report that rival Jenny Craig is planning to make layoffs.
The S&P 500 index rose 0.3% Wednesday.
Citing internal communications to employees, NBC reports that Jenny Craig will shut its doors. In an email sent to employees late Tuesday Jenny Craig said it will close "due to its inability to secure additional financing," according to NBC. The company employs 1,000 people, the report said.
Related: Why Weight Watchers is buying a company that prescribes popular weight-loss drugs like Ozempic
Jenny Craig was acquired by private equity firm HIG Capital for an undisclosed amount in 2019.
MarketWatch has reached out to Jenny Craig and HIG Capital with a request for comment on this story.
WW International's (WW) stock has risen 99.9% in 2023, fueled by the weight-management and wellness company's purchase of weight-loss drug prescriber Sequence.
The Weight Watchers parent spent $132 million to acquire privately held Weekend Health Inc., which operates the Sequence telehealth platform. Sequence prescribes popular weight-loss drugs such as Ozempic, as well as diabetes drugs.
-James Rogers
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-03-23 1411ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Q2 Stock Market Outlook: Contrarian Plays Look Increasingly Attractive
-
What’s Happening In the Markets This Week
-
What the Next Bitcoin Halving Means for ETF Investors
-
5 Undervalued Stocks to Buy After They’ve Been Dumped
-
Morningstar Market Insights: Central Banks, Inflation, and Patient Investing
-
Where to Invest In Bonds Now
-
Reddit Stock Surges in IPO
-
Why Big Bank Stocks Are No Longer Cheap
-
Trump Media Is Not a Meme Stock. It’s a Cryptocurrency
-
What Investors Need to Know About GE’s Spinoff
-
Investors Can Find More Than Gold in the Mining Industry
-
An Ultracheap Stock to Buy in a Rallying Sector
-
Celsius Stock Has Soared 206%. Is It a Buy or a Sell?
-
10 Undervalued Wide-Moat Stocks
-
Investment Opportunities in US Renewable Energy
-
We Just Upgraded These 6 Companies. Is It Time to Buy the Stocks?