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GNC files for Ch. 11 bankruptcy protection

2 months 3 weeks 6 days ago Wednesday, June 24 2020 Jun 24, 2020 June 24, 2020 10:42 AM June 24, 2020 in News
Source: Associated Press

Health and wellness company GNC Holdings has filed for Chapter 11 bankruptcy protection. It is looking to close at least 800 to 1,200 stores.

The company said in a statement that it’s looking to restructure its balance sheet at the same time it explores finding a potential buyer, with a minimum purchase price of at least $760 million.

GNC and all of its subsidiaries remain open for business.

The company expects to confirm a standalone plan of reorganization or consummate a sale that will allow the business to exit from the bankruptcy process in the fall.

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