GNC, a nationwide neighborhood retailer known for its dietary supplements and protein powders, decided late Tuesday, June 23 to file for Chapter 11 bankruptcy.
The filing comes three months after the COVID-19 pandemic triggered the closing 1,200 of its 5,200 stores across the country.
After 85 years in business, Covid-19 forced GNC to close 30% of their brick and mortar stores. Over the last few years, GNC has juggled nearly $1 billion in debt.
Compared to its $15 million dollar loss in 2019, the company could not withstand the devastating $200 million loss during the same quarter that stay-at-home orders were issued. These orders resulted in a vast amount of store closings.
The retailer’s assets and liabilities fall between $1 billion and $10 billion.