GNC files for bankruptcy, to close 1,200 stores

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The 85-year-old chain will close one quarter of it locations.

Vitamin and supplement chain GNC filed for bankruptcy protection late Tuesday afternoon, with the 85-year-old chain indicating that it will close as many as 1,200 of its locations, or about a quarter of its stores.

The company has not yet said if the move will affect the Waxahachie location.

GNC executives said the company plans to emerge from bankruptcy in the fall with a little more than 4,00 U.S. retail stores remaining. The closings comes just 11 months after the chain announced 900 closings last summer.

Declining sales account for the closings as grocery stores and online retailers offer a wider assortment of nutritional supplements at a lower cost. Growing competition along with reduced traffic in malls where the company made its mark have undermined company profits The blow to the company’s income that resulted from the arrival of a global pandemic earlier this year only hastened its demise.


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