25 Jun 2020 --- Health and wellness brand GNC has filed a voluntary petition for a Chapter 11 bankruptcy case. Having been under financial pressure for several years, US-based GNC suffered a further “dramatic negative impact” from the economic fallout stemming from the COVID-19 pandemic. The company now plans on selling its business to Harbin Pharmaceutical Group Holding, an affiliate of GNC’s largest shareholder, for US$760 million. GNC expects to confirm a standalone plan of reorganization or consummate a sale that will enable the business to exit from this process this fall.
