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.

The well-known and popular diet company, which assigns point values to foods, was founded more than 60 years ago.

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.