Health Food and Supplement Retailer Giant GNC Filed for Chapter 11 Bankruptcy
Posted on 06/24/2020
Health food and supplement retail company GNC Holdings Inc. filed for Chapter 11 bankruptcy protection in Delaware. GNC is hoping to sell itself, restructure its balance sheet, and close stores. GNC’s massive debt load spiraled out of control due to the impact of the coronavirus pandemic. The initial bidding price for GNC is US$ 760 million, which is subject to court approval.
GNC jumped into the Chapter 11 process with support from a majority of its secured lenders and an affiliate of GNC’s largest shareholder, which is Harbin Pharmaceutical Group Holding Company.