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GNC Files for Chapter 11, Plans Sale of Company
Pittsburgh-based GNC Holdings said late Tuesday it had filed for Chapter 11 protection, with plans to sell itself for at least $760 million. The nutritional supplements retailer will close up to 1,200 of its 5,800 stores as part of the reorganization.
“GNC expects the Chapter 11 process will benefit its stakeholders and best position the company for long-term success,” according to a release. The company said the “overwhelming support” of its creditors will enable it to emerge from this process expeditiously.
The retailer has faced declining sales since before the COVID-19 pandemic began. However, post-bankruptcy it expects to emerge better positioned to meet strong consumer demand for health and wellness products by executing on omnichannel and brand strategies.
GNC is being advised in this process by Latham & Watkins LLP, FTI Consulting, and Evercore. The case is being heard in the U.S. Bankruptcy Court for the District of Delaware.
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- ◦Economy
