GNC Holdings Inc , the vitamin and herbal supplement retailer, has filed for bankruptcy, with plans to close at least 800 to 1,200 locations and possibly sell itself.
), the vitamin and herbal supplement retailer, has filed for bankruptcy, with plans to close at least 800 to 1,200 locations and possibly sell itself.The 85-year-old company filed for Chapter 11 protection late Tuesday night in the U.S. bankruptcy court in Wilmington, Delaware.
The Pittsburgh-based company, whose name is an acronym for General Nutrition Centers, plans a “dual-path” restructuring where it would either be sold as a going concern, or improve its balance sheet by shedding more than $300 million of debt. It also said it has lined up $130 million in new financing, including support from Harbin and International Vitamin Corp, its largest vendor.
Business operations will continue, and fewer than 500 stores remain closed because of the pandemic. The company hopes to emerge from Chapter 11 in the fall.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow Falls Over 200 Points As Investors Worry About A Resurgence Of CoronavirusThe market is growing increasingly worried about a spike in new coronavirus cases.
Read more »
Dow Jumps 200 Points After White House Confirms U.S.-China Trade Deal Is Not ‘Over’The market opened higher today, recovering from overnight losses after White House trade adviser Peter Navarro walked back his earlier comments that the U.S.-China trade deal is “over” by skleb1234
Read more »
Dow Jumps 200 Points After White House Confirms U.S.-China Trade Deal Is Not ‘Over’Navarro’s comments on the Phase 1 trade deal sparked overnight volatility in markets.
Read more »
GNC is closing 248 stores after filing for bankruptcy. Here's the full list. - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
GNC is closing 248 stores after filing for bankruptcy. Here's the full list. - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »