Health and wellness company GNC Holdings has filed for Chapter 11 bankruptcy protection. It is looking to close at least 800 to 1,200 stores.
The company said in a statement that it’s looking to restructure its balance sheet at the same time it explores finding a potential buyer, with a minimum purchase price of at least $760 million.
GNC and all of its subsidiaries remain open for business.
The company expects to confirm a standalone plan of reorganization or consummate a sale that will allow the business to exit from the bankruptcy process in the fall.