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. GNC had been trying to reduce its nearly $900 million debt load amid falling sales at its brick-and-mortar stores when the coronavirus
June 24 - 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.
GNC had been trying to reduce its nearly $900 million debt load amid falling sales at its brick-and-mortar stores when the coronavirus pandemic forced thousands of locations to close temporarily, cutting off a major revenue source. About 2,100 of its 11,000 employees remain furloughed. GNC said it has agreed in principle with many lenders to sell itself to an affiliate of its largest shareholder, Harbin Pharmaceutical Group Co, for $760 million in a court-supervised auction, subject to higher bids.
Chief Financial Officer Tricia Tolivar said GNC and 16 affiliates sought court protection with a goal of"operationally re-aligning their businesses," while minimizing the impact on customers, employees, landlords and vendors.
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