GNC, the stalwart vitamin and dietary supplement retailer, has filed for bankruptcy and said it plans to close at least 1,200 of its stores ”“ about half of its company-owned locations in the U.S. and Canada ”“ by the end of the year.
The Pittsburgh-based chain had previously announced plans to close up to 250 stores this year.
“GNC expects the Chapter 11 process will benefit its stakeholders and best position the company for long-term success,” the company said in a statement. “U.S. and international franchise partners and all corporate operations in Ireland are separate legal entities and are not a part of the filing.”
The firm has identified 248 stores that are set to be shuttered. None are in Fairfield or Westchester counties. GNC”™s area locations include Brookfield, Danbury, Norwalk, Riverside, Stamford and Trumbull in Connecticut, and Dobbs Ferry, Eastchester, New Rochelle, Ossining, Pelham, White Plains, Yonkers and Yorktown Heights in New York.
GNC said the closings will help it cut costs as it attempts to emerge from bankruptcy over the next year and will save the chain from shutting down completely. In a recent presentation to investors, the company reported having $96 million in cash and $905 million in total debt.
The 85-year-old chain said it is seeking a buyer willing to pay at least $760 million in an auction.
