Economy
Related: About this forumGNC 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
Freddie
(9,232 posts)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 weve lived here) is closing.
TreasonousBastard
(43,049 posts)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)They carried a great face cleansing cream. Then of course no longer had it. Ive found my local Giant carries a pretty good selection of vitamins and things like melatonin.
TrunKated
(208 posts)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)I was kinda thrown as it wasnt obscure. I had to get it at amazon. Even when trying to help businesses it can be difficult.
TrunKated
(208 posts)Things that Vitamin world has five different brands of, GNC scratches their head and say, "never heard of that."
Hoyt
(54,770 posts)keithbvadu2
(36,369 posts)5800 stores. There's money in them thar pills and potions.
But now a lot of it is online.