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GNC HOLDINGS, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2020 10-Q, filed Aug 10, 2020. Its latest SEC filing is a SC 13G/A from Feb 16, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Sells nutritional supplements, vitamins and wellness products to consumers through stores and online, and to franchisees and wholesale partners.

How Did They Make Money?

Customers buy products in stores and online; store sales are counted at purchase and online sales when products ship. Franchisees buy products wholesale, pay royalties based on store sales, and pay license fees in advance; custom manufacturing revenue builds as work progresses.

revenue

Who Were Their Customers?

Consumers buy in company-owned stores and online; franchisees and wholesale partners buy GNC products for resale through their own locations and channels.

Did Revenues Turn Into Profits?

No. It lost $35.1M in .

Operating income,
6% of revenue
▲ +11% vs ($112.4M, 5%)
Net income,
−2% of revenue
▼ Now a loss vs ($69.8M, 3%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q2 FY2020, the three months to Jun 30, 2020
Revenue
▼ −36%
vs $534M in Q2 FY2019
Net income
▼ Now a loss
vs $16.1M in Q2 FY2019
  • Oct 7, 2020 Harbin completed its purchase of substantially all GNC assets Substantially all assets were transferred to New GNC and a Canadian subsidiary before Harbin bought New GNC.
  • Sep 23, 2020 Harbin said it would not offer the CEO a job The notice covered CEO Ken Martindale at or before the closing.
  • Jun 30, 2020 NYSE began delisting proceedings for GNC shares GNC said it would not appeal after its Chapter 11 filing.
  • Jun 24, 2020 GNC and subsidiaries filed for Chapter 11 bankruptcy They continued operating as debtors in possession under bankruptcy court jurisdiction.

Shrank. Revenue fell 23% in 4 years, from $2.7B in to $2.1B in , about 6% a year.

Manufacturing moved to a joint venture The older report describes GNC's in-house manufacturing and its facility serving contract customers; the latest says IVC manages manufacturing through a joint venture, while GNC's quality and research teams support product development.

Online storefronts changed The older report describes GNC.com and LuckyVitamin.com; the latest names GNC.com, Amazon and other marketplaces and says Lucky Vitamin was sold.

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