GNC files for bankruptcy, will close up to 1,200 stores

(CNN) - GNC has filed for bankruptcy and will close up to 1,200 stores.

The 85-year-old vitamin and dietary supplement company has been saddled with nearly a $1 billion of debt.

GNC 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 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.

GNC has a current list of underperforming stores slated to close.

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