GNC Files For Bankruptcy

Video Credit: Wochit Business - Duration: 00:32s - Published 41 minutes ago

GNC Files For Bankruptcy

Business Insider reports that GNC filed for Chapter 11 bankruptcy protection late Tuesday night.

It will close between 800 and 1,200 stores as part of the restructuring process.

GNC blamed the COVID-19 pandemic for creating "a situation where we were unable to accomplish our refinancing." GNC has secured $130 million in financing to aid it in the restructuring.

It has nearly $1 billion.

GNC's stores will remain operating as usual in the meantime.

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