GNC files for Chapter 11 bankruptcy protection

GNC Holdings Inc., the parent company of nutrition retailer GNC, filed for Chapter 11 bankruptcy protection from creditors on June 24. GNC, which blamed the Covid-19 pandemic for the bankruptcy, also said the bankruptcy process could lead to an outright sale of the company.

Pittsburgh-based GNC (NYSE: GNC) said it had reached a deal with some of its secured lenders for $130 million in financing. The company plans to continue operations through the bankruptcy process and work toward a prearranged…