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Jenny Craig, Inc. history
Jenny Craig, Inc. company history timeline
By 1985, 69 Jenny Craig Weight Loss Centers were in operation in Australia, and the company became one of the biggest players in that country's diet industry.
By 1987, the company had established 46 centers in the United States and 114 in foreign countries; of these 160 units, 45 were franchised operations.
The Craigs considered taking their company public in 1987, but weak market conditions caused them to reconsider.
At subsequent group meetings, participants attended classes covering such subjects as "dining out," "asserting yourself," and "dieting as a team." In 1989, video cassette programs were introduced into counseling classes to ensure consistency at all centers.
In 1990, Jenny Craig and its rival Nutri/System Inc. were named as defendants in a class action lawsuit alleging that weight loss programs, like those promoted by the companies, had resulted in cases of gallbladder disease.
Two years later, they had 46 outlets, and by 1990 the company had grown to number 285.
In 1991, under improved market conditions, Jenny Craig was taken public, issuing 3.5 million shares at $21 per share.
Stock purchased at $21 per share in 1991 had sunk below $15 the following year.
The company soon terminated its operations in the United Kingdom, due to their lack of profitability, and, in 1992, a secondary offering of public stock was postponed indefinitely, due to weak market conditions and a decline in profits linked to a failed promotional campaign.
By 1992, Jenny Craig, Inc. was a $400 million company; its biggest competitor was Nutri/System.
In October 1993, three shareholders filed a suit against the company, alleging that the expansion was designed to bolster sales figures, overshadowing the company's financial difficulties.
During 1993, the ongoing FTC investigations into the advertising and promotional practices of the diet industry generated more negative publicity.
In 1993, Jenny Craig added 100 new centers and bought back 48 franchises, bringing its total outlets to 794.
In April 1994, hoping that new management would help restore investor confidence, the company appointed C. Joseph LaBonté as president and CEO, and Ellen Destray was made chief operating officer.
Jenny Craig introduced modifications to its original program in 1994.
1994: Revenues reached $403 million annually.
According to her own account in People magazine, in April 1995 Craig awakened one evening, startled by the television, and her sudden movement snapped her lower jaw tight over her upper jaw.
Next, in September 1997 the Federal Food and Drug Administration recalled a popular diet drug composed of either dexfenfluramine (sold as Redux) or fenfluramine and phentermine (fen-phen). Data indicated that fen-phen damaged the heart valves of some people who used the drug.
These figures compare negatively to those reported in fiscal 1997, at which time the company posted a net income of $8.3 million on revenues of $365.1 million.
In 1997 it introduced its "ABC Program." The program was designed to be an easy, user–friendly plan that made counting calories and fat grams obsolete by placing food into A, B, and C groupings.
On December 9, 1998 the company announced the appointment of a new president, Philip Voluck, who would continue to serve as chief operating officer, a position he had gained six months earlier, coming to the company with considerable experience at ex-rival Nutri/System.
1998: Replaced by Philip Voluck as president and remains Vice Chairman.
According to government statistics posted on the company's web site, over 100 million people were over-weight—54 percent of the adult population in the United States in 1998.
The Federal Trade Commission's (FTC) Partnership for Health Weight Management was launched in February 1999.
The company's financial troubles continued to multiply, with net income turning into net loss in 1999.
In 1999 there were 661 weight–loss centers bearing her name in North America, Australia, and New Zealand.
However, as soon as the advertisements began appearing in January 2000, controversy was sparked immediately.
dickey, fred. "heavy days at jenny craig the diet company soared with its sensible approach to eating and weight control. then the market changed—and the company didn't." los angeles times, 11 june 2000.
Officers: Kent Kreh, Chmn.; Patricia Larchet, 39, Pres. and COO, 2001 salary $422,000; Duayne Weinger, 52, VChmn., 2001 salary $398,000; James Kelly, 40, CFO and VP
2001: Released new cookbook 30 Meals in 30Minutes.
"Craig, Jenny ." Business Leader Profiles for Students. . Encyclopedia.com. (April 16, 2021). https://www.encyclopedia.com/education/economics-magazines/craig-jenny-0
"Jenny Craig Inc. ." Company Profiles for Students. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/economics/economics-magazines/jenny-craig-inc
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Jenny Craig, Inc. may also be known as or be related to JENNY CRAIG WEIGHT LOSS CENTRE, Jenny Craig, Jenny Craig Weight Loss Centres Inc and Jenny Craig, Inc.