By Sabela Ojea
WW International Inc. is implementing a restructuring plan that is set to include layoffs and the closure of several business lines.
The provider of weight management services said the company reviewed its global business operations in the fourth quarter and decided to reduce costs by centralizing global management functions and terminating several leases.
As a result of the turnaround plan, WW International expects to book charges of $39 million to $46 million, it said.
WW International didn’t detail how many employees would lose their jobs, but noted the reduction of the workforce is global.
The expenses related to the organizational restructuring are anticipated to be between $15 million and $18 million, the company added.
The restructuring plan is expected to be fully executed by the end of fiscal 2023, WW International said.
Shares dropped 1.35 in after-hours trading.
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