), 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.
Bye bye to the snake oil salesmen
Been a sinking ship for at least 10 years.
What, you're telling me that a store that sells over-marketed, over-priced alternatives to the exact same products you can get for less than half the cost at your local grocery store or pharmacy isn't attracting new customers? Couldn't possibly imagine why.
This is a good thing, these stores sell nothing more than homeopathic bullshit.
I think world will be ok not being ripped off by GNC
Obama's disastrous economic policies are still plaguing our nation. Sad.
That much winning is overwhelming.
Ironic considering vitamins help combat the Coronavirus.
seen that coming....we had one in our neighbourhood and it was empty all the time here in Canada