Global health and wellness brand GNC Holdings has filed for Chapter 11 bankruptcy this week, in the U.S. Bankruptcy Court for the District of Delaware. It has plans to close at least 1,200 stores of its 5,200 U.S. stores.
General Nutrition Centers or GNC has been under financial pressure, trying to pay back debt and reposition itself to be more competitive. However, GNC had to close over 40% of its stores, losing millions in revenue, due to the coronavirus pandemic.
Chapter 11 bankruptcy gives GNC the opportunity to: