GNC files for bankruptcy; plans to sell itself (

GNC Holdings Inc. has filed for Chapter 11 bankruptcy protection with plans to close at least 800 to 1,200 stores as it looks to cut its debt and restructure amid the COVID-19 crisis.

The struggling, 85-year-old vitamin and supplement retailer said it has reached an agreement with the majority of its secured lenders and key shareholders to pursue a dual-path restructuring process that will allow the company to emerge as a standalone business or for it be sold as a going concern. The plan allows GNC to restructure its balance sheet and accelerate its store optimization strategy. Last July, GNC, which is saddled with nearly $1 billion of debt, announced plans to shutter approximately 900 stores. As of March 2020, GNC had 7,300 locations globally, including 5,200 in the U.S.
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