ONI Global Pte Ltd, the sole franchisee for GNC in Singapore, Malaysia, Philippines and Taiwan is an independent company unrelated to GNC Holdings and not part of GNC’s financial restructuring. Read on for our latest press release.
GNC USA Chapter 11 FAQs
U.S. and international franchise partners and all corporate operations in Ireland are separate legal entities and are not a part of the filing.
WHAT DID GNC USA ANNOUNCE?
GNC Holdings, Inc. (NYSE: GNC) (the “Company”), announced that the Company, certain of its North American entities, certain of its secured lenders, and key stakeholders have reached an agreement to pursue a dual-path process that will allow the Company to restructure its balance sheet and accelerate its business strategy through Chapter 11 of the U.S. Bankruptcy Code. GNC expects the Chapter 11 process will benefit its stakeholders and best position the Company for long-term success. U.S. and international franchise partners and all corporate operations in Ireland are separate legal entities and are not a part of the filing.
GNC’s largest vendor and a joint venture partner, IVC, is working with the Company to ensure a continued supply of products to the Company and advance the proposed sale of GNC’s business.
With the support of its lenders and key stakeholders, the Company expects to confirm a standalone plan of reorganization or consummate a sale that will enable the business to exit from this process in the fall of this year.
1. How does this announcement impact GNC operations in Singapore, Malaysia, Philippines and Taiwan?
There are no changes to the operations in these countries as ONI Global Group, GNC sole franchisee for these countries is self-funding and unrelated to GNC Holdings. It is also not part of GNC’s financial restructuring. All retail and online stores in these countries remain open as we continue to expand. Stores that are closed as a result of Covid-19 will re-open in accordance with government guidelines as quickly and safely as possible.
2. If GNC Holdings is going through bankruptcy, won’t your supplies be disrupted?
The Chapter 11 process does not involve the supply chain which are separate legal entities. GNC’s largest vendor and joint venture partner, IVC is working with the Company to ensure a continued supply of products to the Company, at all times.
3. Should I expect changes in pricing or promotions?
No. Customers should expect to see the same great selection of merchandise, with the same great promotions, and exciting new product launches.