(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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