GNC Files Bankruptcy & Announces Closure of 1,200 Stores
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Another company is closing stores because of coronavirus!
GNC recently announced that they have filed Chapter 11 bankruptcy and will be closing as many as 1,200 of their 4,800 U.S. stores. However, their 1,000+ franchise stores will not be affected.
Prior to the pandemic, the 85-year-old health and nutrition retailer was looking to close around 900 underperforming stores in an attempt to refinance the business, pay off debt, and ensure long-term growth. However, the pandemic has made this plan impossible.
Currently, select retail stores are open for business and offering curbside pick-up. Stores that are still closed due to the pandemic will reopen as quickly as possible in accordance with government guidelines.
GNC is accelerating the closure of the 1,200 affected stores, but some stores may remain open for a period of time before permanently closing. All stores fully intend to uphold loyalty points, store memberships, and gift cards.
To check if your local store is closing, head here.