GNC Files for Bankruptcy
CBJ — Vitamins and supplements retailer GNC Holdings has filed for bankruptcy in the United States, which could result in the closure of 1,200 stores.
General Nutrition Centers was founded in 1935 in Pittsburgh. The company has been grappling with nearly $1 billion in debt and continuously declining sales at its store locations with online selling taking a large percentage of the traditional business. The COVID-19 pandemic only served to magnify the problem.
GNC has agreed to sell itself to an affiliate of its largest shareholder, Harbin Pharmaceutical Group for $760 million in a court-supervised auction, subject to higher bids.
GNC has about 7,300 locations, including 5,200 in the United States. The rest are in about 50 other countries, including Canada.