GNC Holdings Inc. GNC, +12.03% filed for bankruptcy late Tuesday, as it expects to accelerate its plan to close at least 800 to 1,200 of its stores. The stock has been halted for news since late Tuesday. The vitamin and wellness supplements retailer, with about 7,300 stores as of March 31, said its stores will remain open, as the company has secured $130 million in liquidity, including $100 million in debtor-in-possession financing and $30 million from modifications to an existing credit facility. GNC, a majority of its secured lenders and Harbin Pharmaceutical Group Holding Co. Ltd., an affiliate of GNC's largest shareholder, have reached an agreement in principle for the sale of the company's business for $760 million, which would be executed through a court-supervised auction. The stock has rallied 74.2% over the past three months through Tuesday, but has tumbled 70.0% year to date, while the S&P 500 SPX, +1.09% has slipped 3.1% this year.
Source
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Overpriced CRAP.
ReplyDeleteThey were always too high for Supplements any how
ReplyDeleteHow do you know they were high?
DeleteMaybe they were tired.
It's surprising that they've lasted this long. Their stores have been as quiet as tombs for years. Look forward to 1200 new nail salons and wig shops, America.
ReplyDeleteThey made a good truck sad to see it go but Chevy is close.
ReplyDeleteGood riddance. GNC has been ripping people off for decades.
ReplyDeleteI wonder if another company will buy that brand and you will be able to buy GNC products at another retailer/drug store. I think Rite Aid may carry some GNC items now.
ReplyDelete