WeightWatchers is reportedly preparing to file for bankruptcy as demand for weight loss services declines due to the popularity of drugs like Wegovy. The company, founded in 1963, has seen a significant drop in revenue and share price, prompting a potential Chapter 11 filing. The rise of weight loss drugs has impacted companies like WeightWatchers and SlimFast, with concerns about their impact on the food and drink industry. Despite the challenges, the market for weight loss drugs is expected to grow significantly in the coming years. WeightWatchers has not yet commented on the reports.