GNC files for bankruptcy, will close up to 1,200 stores
GNC filed for bankruptcy and will close up to 1,200 stores.
The 85-year-old vitamin and dietary supplement company faces debt of nearly $1 billion. GNC faces declining sales at its brick-and-mortar locations since before the pandemic. However, GNC said that stay-at-home orders during the COVID-19 pandemic had a “dramatic negative impact” on its business.
GNC will continue operating, but after closing 20 percent of its retail stores, it will become a smaller company.
The company hopes to emerge from bankruptcy in the fall.