Unknown Facts About GNC Live Well – 2,544 Photos – 188 Reviews – Vitamins
this year as the vitamin retail company cuts costs and grapples with more than $1 billion in debt. Like other sellers, Pittsburgh-based GNC has actually been having problem with a large brick-and-mortar footprint and competition from online sellers. It runs or supervises 8,905 shops, including 3,385 in the U.S. Sales at U.S.
Along with cutting expenses, GNC has actually also taken actions to reorganize its financial obligation. In February it revealed a $300 million financial investment from Harbin Pharmaceutical Group Holding Co. to broaden its Chinese operations, which it said it would utilize to repay arrearage. It also said it would amend the terms and extended the maturity on a term loan due in March 2019.
in New york city. In August, the stock was trading as high as $10.95. To contact the reporter on this story: Drew Armstrong in New York at [e-mail protected] To get in touch with the editors responsible for this story: Drew Armstrong at [e-mail protected] Timothy Annett COPYRIGHT 2018 Bloomberg L.P
. In this Tuesday, Feb. 3, 2015, file photo, a male leaves a GNC store in New york city. Associated Press New York City GNC Holdings Inc., the vitamin and herbal supplement merchant, has declared bankruptcy, with plans to close a minimum of 800 to 1,200 areas and possibly offer itself. The 85-year-old business declared Chapter 11 protection late Tuesday night in the U.S.
GNC had been trying to reduce its almost $900 million financial obligation load in the middle of falling sales at its brick-and-mortar shops when the coronavirus pandemic forced thousands of locations to close temporarily, cutting off a major income source. About 2,100 of its 11,000 staff members stay furloughed. The Pittsburgh-based business, whose name is an acronym for General Nutrition Centers, plans a “dual-path” restructuring where it would either be offered as a going concern, or improve its balance sheet by shedding more than $300 million of financial obligation.
It also said it has actually lined up $130 million in brand-new financing, including assistance from Harbin and International Vitamin Corp., its biggest vendor. Chief Financial Officer Tricia Tolivar stated GNC and 16 affiliates looked for court security with an objective of “operationally re-aligning their services,” while minimizing the effect on clients, employees, property owners and suppliers.
