GNC Completes Chapter 11 Plan Process
PITTSBURGH, Oct. 30, 2020 /PRNewswire/ -- GNC Holdings, LLC (the "Company"), a leading global health and wellness brand, today announced that the previously confirmed Chapter 11 Plan of Reorganization of its predecessors has been consummated and became effective. Under the Plan, an appointed Plan Administrator will, among other things, wind-down the affairs of the remaining bankruptcy estates, pay allowed claims and resolve disputed claims, and make distributions to creditors in accordance with the terms of the Plan. Thereafter, the Plan Administrator will close any remaining bankruptcy cases, and dissolve and liquidate the remaining debtors in accordance with the Plan.
This announcement follows the acquisition of substantially all of the Company's assets by Harbin Pharmaceutical Group Holding Co., Ltd. (Harbin) on October 7, 2020, marking GNC's next step in its brand evolution. Through the restructuring and court-approved sale to Harbin, GNC has optimized its store footprint, improved its financial standing and is now better positioned to meet the strong consumer demand for health and wellness products under Harbin's leadership.
GNC will continue to advance its omnichannel and brand strategies, positioning the Company to provide innovative wellness solutions to customers, wherever they are, for the long term. The Chapter 11 Plan process and Harbin sale transaction provide GNC with the platform, capital structure, and opportunity to expand internationally and capitalize on the strong GNC brand in new markets around the globe.
GNC is a leading global health and wellness brand that provides high quality science-based products and solutions consumers need to live mighty, live fit, live long and live well.
The brand touches consumers worldwide by providing its products and services through company-owned retail locations, domestic and international franchise locations, digital commerce and strong wholesale and retail partnerships across the globe. GNC's diversified, multi-channel business model has worldwide reach and a well-recognized, trusted brand. By combining exceptional innovation, product development capabilities and an extensive global distribution network, GNC manages a best in class product portfolio.
SOURCE GNC Holdings, LLC