Connect with us

HEALTH+FITNESS

GNC to Close 1200 Stores and File for Bankruptcy


Source: GNC

GNC has announced they will file for bankruptcy protection and close up to 1200 stores after being saddled with nearly $1 billion in debt.

According to CNN, the 85-year-old company has suffered from declining sales at its brick and mortar locations since before the coronavirus pandemic, however, COVID-19 stay-at-home orders had a “dramatic negative effect” on its business.

The company plans to close between 800 and 1200 underperforming locations – approximately 20 percent of its retail stores – and hopes to emerge from bankruptcy in the fall.

According to Business Insider, GNC said in a statement the coronavirus pandemic “created a situation where we were unable to accomplish our refinancing and the abrupt change in the operating environment had a dramatic negative impact on our business.”

Business Insider reports stores are closing in 42 states, as well as in Puerto Rico and Canada.

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Best of the Best Met Gala Fashion

BEAUTY+STYLE

The Unicorn Frappuccino Craze Continues with Nail Art

BEAUTY+STYLE

Kim Kardashian Channels Inner Cher and Jackie Kennedy for Photo Shoot

BEAUTY+STYLE

Christie Brinkley Poses for Sports Illustrated Pics Alongside Daughters

BEAUTY+STYLE