China snaps up vitamin brand GNC
China’s Harbin Pharmaceutical Group will buy debt-ladened vitamin company GNC for $760 million.
With over $900 million of debt on its balance sheet, the Pittsburgh-based company filed for bankruptcy in June as sales from its brick-and-mortar business dwindled amid the global pandemic, forcing thousands of its stores to close down.
With no other offers, the vitamin retailer is set to be acquired by Harbin, its largest shareholder since it acquired a 40% stake in the business in 2018. The state-controlled drug manufacturer also invested $300 million to form a Hong Kong-based joint venture with GNC in 2019 to boost its China business.
With over $900 million of debt on its balance sheet, the Pittsburgh-based company filed for bankruptcy in June as sales from its brick-and-mortar business dwindled amid the global pandemic, forcing thousands of its stores to close down.
With no other offers, the vitamin retailer is set to be acquired by Harbin, its largest shareholder since it acquired a 40% stake in the business in 2018. The state-controlled drug manufacturer also invested $300 million to form a Hong Kong-based joint venture with GNC in 2019 to boost its China business.
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