GNC Will Close Up To 1,200 Stores After Filing for Chapter 11 Bankruptcy
The economic havoc caused by the COVID-19 pandemic continues to plague the retail industry.
Over 4,300 stores are closing in 2020 according to the website Business Insider. Over 9,300 stores closed their doors for good in 2019. Even more store closings in 2020 are anticipated amid the ongoing concerns of the coronavirus. Unfortunately, 2020 could be a record year for retail store closings.
The latest retail chain to file for Chapter 11 bankruptcy and announce store closings is GNC according to a report from the USA Today. The company plans on closing up to 1,200 stores.
Declining sales, traffic in stores due to the pandemic and close to $1 billion in debt are some of the reasons for the Chapter 11 bankruptcy filing and store closing for GNC according to CNN Business.
GNC locations in South Jersey include: Egg Harbor Township, Somers Point, Mays Landing, Vineland, Little Egg Harbor, Millville and Wildwood.
No word on what stores will be placed on the potential GNC closing list. Check back for more updates.
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