GNC Files Bankruptcy to Manage Debt With Plan to Sell Itself
- Company aims to shut 800 to 1,200 stores with court permission
- Plan also sets initial $760 million bid for assets from Harbin
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GNC Holdings Inc. filed for bankruptcy protection with the aim of selling itself and closing stores after its latest effort to manage its debt load unraveled amid the coronavirus pandemic.
The health and wellness company’s Chapter 11 petition filed in U.S. Bankruptcy Court in Delaware allows the retailer to keep operating and shut hundreds of under-performing stores. GNC planned a dual-track scenario where it will restructure its balance sheet through a standalone plan or sale of the company, according to a statement.