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What happened to the GNC stores?
Vitamin and dietary supplement chain GNC has declared bankruptcy and will close at least 800 of its 7,300 stores. GNC will remain in business but plans to close between 800-1,200 locations in the U.S One Alabama location – Quintard Mall in Oxford – is on the closure list.
Who currently owns GNC?
GNC (store)
| Type | Subsidiary |
|---|---|
| Total assets | US$ 2.07 billion (2016) |
| Total equity | US$ -95.05 million (2016) |
| Number of employees | ~16,800 (2016) |
| Parent | Harbin Pharmaceutical Group |
How many GNC locations are there?
Today, GNC is the largest global specialty retailer of nutritional products; including vitamin, mineral, herbal and other specialty supplements and sports nutrition, diet and energy products, GNC has more than 4,800 retail locations throughout the United States (including more than 1,000 franchise and 1,200 Rite Aid …
Why is GNC out of business?
CALIFORNIA — GNC filed for bankruptcy, and announced plans to close 27 California stores and between 800 to 1,200 stores nationwide. The closures come after the Pittsburgh-based health supplement giant struggled financially for years, working to pay off debt, GNC said in a statement on its website.
What went wrong with GNC?
At the time of filing the bankruptcy, GNC had a debt of around $1 billion. GNC is unable to meet the upcoming debt obligations. GNC doesn’t have many assets left. It sold its manufacturing business to International Vitamin Corporation (IVC) and turned over its Chinese market to Harbin Pharmaceuticals.
Where are GNC multivitamins made?
The supplements manufacturing business of GNC now operates two facilities, one in Greenville, SC with 320,000 square feet and one in Anderson, SC totalling 630,000 square feet of production and warehousing.
What happened to GNC vitamins?
On June 23rd, 2020 GNC filed Chapter 11 bankruptcy to garner protection for the company against creditors it owed money to. The judge approved GNC’s request to sell the company to Harbin Pharmaceutical Group Holding Co. which kept the company from being auctioned off.