GNC files for bankruptcy, will close up to 1,200 stores

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A man leaves a GNC store, Tuesday, Feb. 3, 2015 in New York. Numerous store brand supplements aren’t what their labels claim to be, an ongoing investigation of popular herbal supplements subjected to DNA testing has found, New York Attorney General Eric Schneiderman said Tuesday. GNC, Target, Walmart and Walgreen Co. sold supplements that either couldn’t be verified to contain the labeled substance or that contained ingredients not listed on the label, according to Schneiderman’s office. “We stand by the quality, purity and potency of all ingredients listed on the labels of our private label products,” said GNC spokeswoman Laura Brophy. (AP Photo/Mark Lennihan)

(CNN) – GNC has filed for bankruptcy and will close up to 1,200 stores.

The 85-year-old vitamin and dietary supplement company has been saddled wit nearly $1 billion of debt.

GNC faced declining sales at its brick-and-mortar locations since before the pandemic.

However, GNC said the stay-at-home orders during the pandemic had a “dramatic negative impact” on its business.

GNC will continue operating, but after clsoing 20% of its retail stores.

The company hopes to emerge from bankruptcy in the fall.

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