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.
Copyright 2020 CNN. All rights reserved. Gray Media Group, Inc., contributed to this report.