GNC, the vitamin and nutrition chain, filed for Chapter 11 bankruptcy protection this week, with plans to shut down as many as 1,200 of its 5,200 US stores.
In Berks County, GNC has three stores, Kenhorst, Berkshire Mall, and Wyomissing. Only the Kenhorst store is closing. It is unclear when the Kenhorst store will actually shut down. However, it will maintain regular hours while it holds discount sales of inventory and fixtures.
GNC will continue operating, but it will become a smaller company. “Our business has been under financial pressure for the past several years as we have worked to pay down debt and reposition GNC to be more competitive in a challenging operating environment” says company officials in a statement.
“Over the past year, GNC has been executing a store portfolio optimization strategy to close underperforming stores, while doubling down on our omni-channel and brand strategies to better meet consumer demand.”
“We believe that our strategy is sound, and the success we’ve seen thus far makes us confident we’re moving our business in the right direction. The Chapter 11 process will allow us to accelerate these strategies and invest in the appropriate areas to evolve in the future, while improving our capital structure and balance sheet.”
