GNC Declares Bankruptcy, Looks to Sell Business
Vitamin and wellness retailer GNC (NYSE: GNC) filed for bankruptcy protection late Tuesday, saying it planned to close 1,200 of its 7,300 stores.
Having secured financing through a majority of its lenders, as well as Harbin Pharmaceutical, a state-controlled Chinese pharmaceutical that owns 41% of GNC's voting rights, the vitamin stores says it will be able to continue operating until a sale of the company is achieved.
Image source: GNC.
Source Fool.com