SAN FRANCISCO (KRON) – GNC has filed for bankruptcy and plans to close up to 1,200 stores as it reports a decline in sales and nearly $1 billion of debt, CNN Business reports.
The vitamin and dietary supplement company, which has been in business for the past 85 years, will continue to operate but will become smaller, according to a news release.
GNC has a total of 5,800 retail stores across the US.
Around 30% of its stores in the United States and Canada were forced to temporarily close because of the coronavirus pandemic, the company said.
GNC said in a statement it hopes to emerge from bankruptcy this fall with an “opportunity to improve our balance sheet while continuing to advance our business strategy, right-size our corporate store portfolio, and strengthen our brands to protect the long-term sustainability of our company.”
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