GNC closing 200 stores as vitamin retailer slims its operations

NEW YORK (Apr 27): GNC Holdings Inc. said it will close 200 stores this year as the vitamin retail company cuts costs and grapples with more than US$1 billion ($1.3 billion) in debt.

Like other retailers, Pittsburgh-based GNC has been struggling with a large brick-and-mortar footprint and competition from online sellers. It operates or oversees 8,905 stores, including 3,385 in the US Sales at US locations that have been open for at least a year were down 1.9% in the first quarter, GNC said in a statement.

Along with cutting costs, GNC has also taken steps to restructure its debt. In February it announced a US$300 million investment from Harbin Pharmaceutical Group Holding Co. to expand its Chinese operations, which it said it would use to repay outstanding debt. It also said it would amend the terms and extended the maturity on a term loan due in March 2019.

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