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GNC - GNC Declares Bankruptcy Looks to Sell Business
GNC Holdings
Vitamin and wellness retailer GNC(NYSE: GNC) filed for bankruptcy protection late Tuesday, saying it planned to close 1,200 of its 7,300 stores.
Having secured financing through a majority of its lenders, as well as Harbin Pharmaceutical, a state-controlled Chinese pharmaceutical that owns 41% of GNC's voting rights, the vitamin stores says it will be able to continue operating until a sale of the company is achieved.