GNC has filed for bankruptcy. IT will close 1200 of its stores and search for someone to buy the company.
GNC Bankruptcy
Since before the pandemic – GNC has gotten almost $1 Billion in debt, especially with the loss of sales at brick and mortor locations.
GNC had a refinancing plan – but it was put on hold due to the pandemic. It had a huge impact on their business.
They will continue operating on a much smaller scale as they plan to close 20% of their 5,800 stores.
Trying to Improve
They are hoping that in closing stores and declaring bankruptcy it will give them an opportunity to improve and find a new business strategy.
Read more about the GNC Bankruptcy
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