Nutri-System Says It's Fit As It Exits Chapter 11
PHILADELPHIA - Nutri-System Inc. said yesterday it had emerged from Chapter 11 bankruptcy "poised to regain its leadership" of the diet industry.
Chicago financier Michael Heisley, who has been serving as chairman of the company while it was in bankruptcy proceedings, said the company will return to business with a new approach to weight loss and healthy living.
Nutri-System sought bankruptcy protection May 4. It owed $44 million to lenders. The company in April was forced to lay off 1,800 employees and close 283 diet centers.