GNC Files for Chapter 11 Bankruptcy, Will Close 6 MN Stores
Health and wellness company, GNC, has filed for Chapter 11 Bankruptcy and is looking to close 800 to 1,200 stores nationwide.
Initially, GNC will be closing 248 stores and 6 Minnesota stores are on the chopping block according to Business Insider. Andover, Burnsville, Edina, Fairmont, St. Paul, and Willmar will all see their stores close.
COVID-19 created a situation where we were unable to accomplish our refinancing and the abrupt change in the operating environment had a dramatic negative impact on our business
In a letter to shoppers, GNC states that, "the best opportunity for us to continue to improve our capital structure and address certain operational issues was to restructure through a Chapter 11 reorganization. This gives us the opportunity to improve our balance sheet while continuing to advance our business strategy, right-size our corporate store portfolio, and strengthen our brands to protect the long-term sustainability of our company."