Who owns GNC?
GNC stores typically stock a wide range of weight loss, bodybuilding, nutritional supplements, vitamins, natural remedies, and health and beauty products, in both its owned brands as well as third-party brands. Its products are also sold on GNC.com and, as of January 2017, on GNC’s Amazon Marketplace. Who owns GNC? In 1935, David Shakarian opened…
GNC stores typically stock a wide range of weight loss, bodybuilding, nutritional supplements, vitamins, natural remedies, and health and beauty products, in both its owned brands as well as third-party brands. Its products are also sold on GNC.com and, as of January 2017, on GNC’s Amazon Marketplace.
Who owns GNC?
In 1935, David Shakarian opened a small health food store, Lackzoom, in downtown Pittsburgh. He made US$35 on his first day and was able to open a second store within six months. A year later, Shakarian suffered from what appeared to be a fatal blow when the Ohio River flooded into downtown on St. Patrick’s Day.
Both of his stores were wiped out. But he opened a new store the next year and later began a mail-order business, shipping health foods and later vitamins and prescription drugs throughout the country. In June 2020, GNC filed for Chapter 11 bankruptcy protection and indicated plans to close at least 800 stores.
Effective on June 30, 2020, the stock was delisted from the New York Stock Exchange and shifted to the OTC Markets Group. In September 2020, the bankruptcy court in Delaware approved the sale of GNC for $770 million to Harbin Pharmaceutical Group. Harbin Pharmaceutical Group Co., Ltd. is a Chinese partially state-owned company engaged in the research, and development, manufacture, and sale of pharmaceutical products.
