GNC Files for Bankruptcy and Will Close Up to 1,200 Stores
A popular dietary and vitamin supplement retailer that has been in business for 85-years has filed for bankruptcy and plans to close more than one-thousand stores. GNC has been dealing with declining sales before the nationwide pandemic. The company is nearly a billion dollars in debt and blames the “Stay At Home” orders during the COVID-19 pandemic for having a dramatic negative impact on sales. Although the company hopes to emerge from bankruptcy in the fall, it will close 20% of its retail stores permanently.