On June 23, GNC Holdings filed for bankruptcy protection
June 25, 2020
On June 23, GNC Holdings filed for bankruptcy protection.
Reasons are falling sales due to the coronavirus, demands of suppliers for faster payments, upcoming interest payments on bond debt and a contraction of earnings. If not bankruptcy, the company will go out of cash by the end of June.
The company is ready to sell itself for $760 million and close up to six of its stores. The company has around 6 months to either get a sale, perhaps to Harbin Pharmaceutical Group Co, one of China’s largest drugmakers, or reorganize with a lighter balance sheet.
Company — GNC Holdings
Full nameGNC Holdings inc
IndustryTrade and retail