GNC Files For Bankruptcy As Covid-19 Causes Massive Debt
The storefront of GNC is almost ubiquitous in Singapore’s various malls.
Selling various supplements and vitamins, many a gymmer obtains their supply of whey protein from these wellness outlets.
However, due to Covid-19 heavily impacting store sales, Bloomberg reports that GNC Holdings Inc – the parent company of popular nutrition supplement chain GNC – is filing for bankruptcy protection and has plans to close stores.
Despite this, the United States-based company’s franchise and international operations weren’t included in the filing.
Stores outside of the United States, such as in Singapore, won’t be affected by the proceedings.
GNC facing dwindling sales, bankruptcy
GNC is known for its presence in various malls, but this has been a double-edged sword amidst the Covid-19 pandemic.
Footfall has dropped drastically and they were running on a loss even before lockdowns began.
At least in Singapore, stores were ordered shut during the ‘Circuit Breaker’ as they were deemed non-essential, further jeopardising matters.
Although GNC has invested in their digital presence, they’ll still have to close down numerous physical stores and may even sell the entire company.
According to Bizjournals, they’re looking to close at least 800 to 1,200 stores.
Supplements of all varieties
All manner of supplements exist within GNC’s walls.
From fish oil to organic products, GNC appears to have them all for the health-conscious.
Gymrats looking to boost their recovery also partake in the giant whey jars they offer.
GNC online & physical stores still available
Despite the bankruptcy filing, GNC stores in Singapore will still be open for business, according to their statement:
Hopefully, there shouldn’t be cause for worry, as buyers can still get their products online.
This being Phase 2, stores and gyms are reopened as well, so there should be little fear for those gymrats who are getting back to their workout routines.
Featured image adapted from The Gardens Mall.