GNC Holdings, Inc., parent company of vitamin and wellness supplement retailer GNC, filed for bankruptcy protection Tuesday.
The company said it would permanently close “at least 800 to 1,200” of its 7,300 retail stores, 5,200 of which are in the U.S.
“Our business has been under financial pressure for the past several years as we have worked to pay down debt and reposition GNC to be more competitive in a challenging operating environment. We were making significant progress and were focused on refinancing the business to allow us to position ourselves for long-term growth. However, the COVID-19 pandemic created a situation where we were unable to accomplish our refinancing and the abrupt change in the operating environment had a dramatic negative impact on our business,” the retailer said in frequently asked questions about the bankruptcy.
The locations of specific stores to be closed has not been released.