GNC Holdings Inc. has moved to sell itself to its largest shareholder.
The struggling, 85-year-old vitamins and nutrition supplements retailer is seeking court approval to sell its assets to its largest shareholder and original bidder, Harbin Pharmaceutical Group Holding Co., for approximately $760 million, according to filings. GNC canceled the auction because it said no other qualified bids had emerged by last week’s deadline.
GNC, which is saddled with nearly $1 billion in debt, filed for bankruptcy in June, with plans to close at least 800 to 1,200 stores and sell itself. As of March 2020, GNC had 7,300 locations globally, including 5,200 in the U.S.
A hearing to approve GNC’s sale to Harbin will be held Thursday, Sept. 17, in Delaware bankruptcy court.