June 23, 2020
To Our Valued GNC Coaches and Associates,
- You’ve been part of GNC’s commitment to help communities live well for 85 years, and we thank you for your ongoing dedication to GNC.
- Our business has been under significant financial pressure over the past several years, and while we have made significant progress, the COVID-19 pandemic amongst other business challenges have left us with an overleveraged balance sheet.
- We believed the best way to position GNC for long term growth and sustainability was to file for a reorganization under Chapter 11 of the U.S. Bankruptcy Code.
- This restructuring will allow us to improve our balance sheet and capital structure, right size our corporate store portfolio, and strengthen our brands to continue to evolve GNC to new heights.
- Our doors will remain open, and we will continue to deliver industry leading science-backed health and wellness solutions to our customers.
- While some stores will close, and changes will be made, we are committed to communicating as quickly and as transparently as possible with you throughout this process.
- We have filed a motion with the court that will allow us to honor our commitments to you, regarding your benefits and pay. It is customary for the court to approve these motions in the first days of the case.
- You will receive more information on our restructuring and how it impacts you through your email or the Scoop.
- For our furloughed associates, your furlough will continue for the near future, but we will be in touch soon.
- Thank you for being part of Team GNC, we look forward to continuing this journey with you.
The GNC Leadership Team
At GNC, our mission is to motivate and
support the desire to Live Well and that will never change. Visit www.GNC.com to stay up to date with our latest products.