GNC had 8,400 vitamin stores — then COVID emptied the malls and debt drowned it

GNC was founded in 1935 by David Shakarian in Pittsburgh and grew into the world's largest vitamin and supplement retailer, operating approximately 8,400 locations across 50 countries at its peak. The company had been through multiple private-equity ownerships, including Apollo Management's 2003 acquisition and later ownership by Ontario Teachers' Pension Plan and Ares Management.

Decades of leveraged ownership left GNC with significant debt. In 2018, Chinese state-owned Harbin Pharmaceutical Group acquired a 40% stake, and GNC announced plans to close up to 1,400 company-owned stores. Same-store sales had been declining as consumers shifted supplement buying to Amazon and online retailers.

COVID-19 lockdowns in early 2020 emptied mall traffic and destroyed GNC's store-based business. The company filed for Chapter 11 bankruptcy in June 2020. The stock was delisted from the NYSE on 30 June 2020. The bankruptcy court approved a $770 million sale to Harbin Pharmaceutical and CITIC Capital in September 2020, saving the brand but wiping out equity holders.