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Wed Jun 24, 2020, 10:01 AM

GNC files for bankruptcy and will close up to 1,200 stores

GNC has filed for bankruptcy, warning it will close up to a quarter of its stores and search for a buyer. The 85-year-old vitamin and dietary supplement company has been saddled with nearly $1 billion of debt and has faced declining sales at its brick-and-mortar locations since before the pandemic.

GNC will continue operating, but it will become a smaller company. It plans to close up to 20% of its 5,800 retail stores, which amounts to as many as 1,200 locations across the United States. GNC also sells its products in an additional 1,200 Rite Aid stores.

Around 30% of its stores in the United States and Canada were forced to temporarily close because of the pandemic. In its first-quarter earnings report released in May, losses accelerated to $200 million — far more than the $15 million it lost during the same time period in 2019 — because of the store closures.

"The Chapter 11 process will allow us to accelerate these strategies and invest in the appropriate areas to evolve in the future, while improving our capital structure and balance sheet," GNC said in a letter to shoppers.

https://www.wtae.com/article/gnc-files-for-bankruptcy-and-will-close-up-to-1-200-stores/32956389

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Reply GNC files for bankruptcy and will close up to 1,200 stores (Original post)
left-of-center2012 Jun 24 OP
Freddie Jun 24 #1
TreasonousBastard Jun 24 #3
Freddie Jun 24 #6
TrunKated Jun 24 #2
jimfields33 Jun 24 #5
TrunKated Jun 24 #8
Hoyt Jun 24 #4
keithbvadu2 Jun 24 #7

Response to left-of-center2012 (Original post)

Wed Jun 24, 2020, 10:05 AM

1. Vitamins and supplements are a business

That would work fine with just an online “store”, why waste $ on brick and mortar stores. Saw signs the GNC near me (have never been in there in the 22 years we’ve lived here) is closing.

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Response to Freddie (Reply #1)

Wed Jun 24, 2020, 10:12 AM

3. I used to buy online from Puritan's Pride, but even though their prices were good and...

I heard nothing bad about their quality, it just made no sense to order a year's worth of Vitamin D. Easier to walk into the supermarket and get just one bottle.

And PP started to get into the woo-- too many oddball mystery creams and pills to solve yet unknown problems.

I don't think many will miss GNC, except maybe spas that have marketing deals with them.

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Response to TreasonousBastard (Reply #3)

Wed Jun 24, 2020, 10:58 AM

6. Used to like them too

They carried a great face cleansing cream. Then of course no longer had it. I’ve found my local Giant carries a pretty good selection of vitamins and things like melatonin.

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Response to left-of-center2012 (Original post)

Wed Jun 24, 2020, 10:09 AM

2. they suck anyway...

There was a short time where they tried to be more complete and cutting edge on supplements maybe 15 years ago, but that didn't last.

Every time I go in there and ask for something, they rarely know what I'm talking about. Like pyknogenol or Rhodiola.

Meanwhile, if I go to Vitaminworld or the local vitamin shop, they not only know what I want, they usually have several brands of the item.

And I don't have to deal with GNC's gimmicky sales crap.

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Response to TrunKated (Reply #2)

Wed Jun 24, 2020, 10:29 AM

5. I went in for something and they didn't have it

I was kinda thrown as it wasn’t obscure. I had to get it at amazon. Even when trying to help businesses it can be difficult.

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Response to jimfields33 (Reply #5)

Wed Jun 24, 2020, 04:32 PM

8. Yeah, they've been pathetic for a long time...

Things that Vitamin world has five different brands of, GNC scratches their head and say, "never heard of that."

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Response to left-of-center2012 (Original post)

Wed Jun 24, 2020, 10:26 AM

4. They'll do fine as an on-line supplier. Recently bought some GNC cat vitamins. My cat loves em.

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Response to left-of-center2012 (Original post)

Wed Jun 24, 2020, 11:08 AM

7. 5800 stores. There's money in them thar pills and potions.

5800 stores. There's money in them thar pills and potions.

But now a lot of it is online.

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