Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

left-of-center2012

(34,195 posts)
Wed Jun 24, 2020, 10:01 AM Jun 2020

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

8 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
GNC files for bankruptcy and will close up to 1,200 stores (Original Post) left-of-center2012 Jun 2020 OP
Vitamins and supplements are a business Freddie Jun 2020 #1
I used to buy online from Puritan's Pride, but even though their prices were good and... TreasonousBastard Jun 2020 #3
Used to like them too Freddie Jun 2020 #6
they suck anyway... TrunKated Jun 2020 #2
I went in for something and they didn't have it jimfields33 Jun 2020 #5
Yeah, they've been pathetic for a long time... TrunKated Jun 2020 #8
They'll do fine as an on-line supplier. Recently bought some GNC cat vitamins. My cat loves em. Hoyt Jun 2020 #4
5800 stores. There's money in them thar pills and potions. keithbvadu2 Jun 2020 #7

Freddie

(9,232 posts)
1. Vitamins and supplements are a business
Wed Jun 24, 2020, 10:05 AM
Jun 2020

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.

TreasonousBastard

(43,049 posts)
3. I used to buy online from Puritan's Pride, but even though their prices were good and...
Wed Jun 24, 2020, 10:12 AM
Jun 2020

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.

Freddie

(9,232 posts)
6. Used to like them too
Wed Jun 24, 2020, 10:58 AM
Jun 2020

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.

TrunKated

(208 posts)
2. they suck anyway...
Wed Jun 24, 2020, 10:09 AM
Jun 2020

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.

jimfields33

(15,474 posts)
5. I went in for something and they didn't have it
Wed Jun 24, 2020, 10:29 AM
Jun 2020

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.

TrunKated

(208 posts)
8. Yeah, they've been pathetic for a long time...
Wed Jun 24, 2020, 04:32 PM
Jun 2020

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

keithbvadu2

(36,369 posts)
7. 5800 stores. There's money in them thar pills and potions.
Wed Jun 24, 2020, 11:08 AM
Jun 2020

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

But now a lot of it is online.

Latest Discussions»Issue Forums»Economy»GNC files for bankruptcy ...