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GNC files for Ch. 11 bankruptcy protection, Ugg in demand

Credit: SeattlePI.com- Published on June 24, 2020
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to the national and global response, the work place and the spread of the virus.

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Video credit: Wochit Tech
Published on June 24, 2020 -  00:32
GNC Files For Bankruptcy
Business Insider reports that GNC filed for Chapter 11 bankruptcy protection late Tuesday night. It will close between 800 and 1,200 stores as part of the restructuring process. GNC blamed the COVID-19 pandemic for creating "a situation where we were unable to accomplish our refinancing." GNC has secured $130 million in financing to aid it in the restructuring. It has nearly $1 billion. GNC's stores will remain operating as usual in the meantime.

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