GNC

About GNC

GNC Holdings, the vitamin and supplement retailer, filed for Chapter 11 bankruptcy on June 23, 2020. GNC operated approximately 7,300 stores globally. The company had 1.3 billion in debt. CEO Josh Burris blamed COVID for accelerating structural challenges. The Chinese government owned Harbin Pharmaceutical Group acquired GNC in bankruptcy for 770 million. The acquisition preserved approximately 3,500 stores. GNC emerged from bankruptcy in September 2020. The case illustrated how international buyers, particularly from China, could acquire US retail brands through bankruptcy. Harbin Pharmaceutical had been a GNC partner since 2018. The acquisition gave the Chinese company access to the US supplement market and global brand recognition. GNC continues to operate as a subsidiary of Harbin.