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Vitamin seller GNC Holdings files for bankruptcy

Arnold

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Vitamin seller GNC Holdings files for bankruptcy
Published: June 24, 2020

Retail chain reaches deal to sell itself for $760 million; will close up to a sixth of stores

GNC Holdings Inc. filed for chapter 11 bankruptcy protection Tuesday with plans to sell itself and close up to a sixth of its 7,300 stores world-wide.

The vitamin-and-supplement seller GNC, 18.54% blamed the filing on plummeting sales due to the coronavirus pandemic, supplier demands for faster payments, interest coming due soon on bond debt and the drag on earnings from underperforming stores. Without bankruptcy financing, GNC will run out of cash to run its business by the end of June, court papers say.

Bankruptcy financiers have given GNC about six months to either achieve a sale, possibly to one of China’s largest drugmakers, Harbin Pharmaceutical Group Co., or reorganize with a lighter balance sheet, according to papers filed in U.S. Bankruptcy Court in Wilmington, Del.

The Pittsburgh-based retailer said it reached an agreement with the bulk of its secured lenders to pursue a dual-path restructuring that will preserve the business. A proposed sale to an affiliate of Harbin, GNC’s largest shareholder, has support from a majority of secured lenders, according to the company. But, unless an auction drives up Harbin’s $760 million offer, a sale won’t cover GNC’s $903 million in bank and bond debt.

Source: https://www.marketwatch.com/story/vitamin-seller-gnc-holdings-files-for-bankruptcy-2020-06-24/
 

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The internet has killed so many businesses.
Remember Blockbuster?!? LMAO

Sent from my SM-A205U using Tapatalk
 
The internet has killed so many businesses.
Remember Blockbuster?!? LMAO

Sent from my SM-A205U using Tapatalk

Didn’t they have redbox type machines? Apparently there is one in Bend, Oregon. Lol
People take pictures and videos there(nostalgia i guess. Lol

Max
 
did anyone ever really shop at gnc like that? They were always empty in my neck of the woods
 
did anyone ever really shop at gnc like that? They were always empty in my neck of the woods
Why pay more? It doesn't make sense lol
You can pay less and have it show up at your front door.

Sent from my SM-A205U using Tapatalk
 
Why pay more? It doesn't make sense lol
You can pay less and have it show up at your front door.

Sent from my SM-A205U using Tapatalk
Exactly why I'm surprised they lasted this long. Probably newbies going in and paying top retail for supps
 
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