GNC Files For Bankruptcy

PITTSBURGH, PA — Health and wellness retailer GNC has filed for Chapter 11 bankruptcy and will close as many as 1,200 stores. The Pittsburgh-based company plans to emerge from bankruptcy in the fall.

GNC currently has about 5,800 stores in the U.S. and also sells products in approximately 1,200 Rite Aid stores.

“The COVID-19 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,” GNC stated in frequently asked questions about the bankruptcy.

GNC also stated that the company remains committed to delivering wellness solutions to consumers through easier and enhanced options to live well, from a strong product pipeline to an improved e-commerce experience.

The 85-year-old company will be launching the option to buy-online-pick-up-in-store later this year and plans to introduce a variety of new products over the next three years.

GNC has obtained $130 million in financing from vitamin supplier IVC, its largest vendor, to help it restructure.