GNC files for bankruptcy and will close up to 1,200 stores
GNC has filed for bankruptcy, warning it will close up to a quarter of its stores and search for a buyer.
The 85-year-old vitamin and dietary supplement company has been saddled with nearly $1 billion of debt and has faced 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 prevented the company from accomplishing its refinancing plans because of the abrupt “dramatic negative impact” on its business.
GNC will continue operating, but it will become a smaller company… READ MORE @ CNN
