We consider two stacked ultra-thin layers of different liquids on a solid substrate. Using long-wave theory, we derive coupled evolution equations for the free liquid-liquid and liquid-gas interfaces. Linear and non-linear analyses show that depending on the long-range van-der-Waals forces and the ratio of the layer thicknesses, the system follows different pathways of dewetting. The instability may be driven by varicose or zigzag modes and leads to film rupture either at the liquid-gas interface or at the substrate.