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Weight Watchers plans layoffs to save costs amid pandemic

Posted by: Market Watch in Market News May 15, 2020

WW International Inc. said late Friday it plans to lay off workers and eliminate jobs worldwide as it tries to cut costs amid the economic devastation caused by the coronavirus pandemic. In a filing, the company formerly known as Weight Watchers said it expects to spend about $12 million in employee-termination payments and other expenses. WW said it expects to be done with the workforce cuts by the end of fiscal 2020. It did not detail how many people would lose their jobs or how many positions would be eliminated. WW shares fell 1.8% in the extended session Friday after ending the regular trading day up 2.2%. WW late last monthposted a narrower first-quarter loss and said it ended the three-month period with 9% more subscribers. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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