Skip to main content

GNC Provides COVID-19 Related Business Update

Written by Customer Service on . Posted in Public Companies.

PITTSBURGH, April 03, 2020 (GLOBE NEWSWIRE) — GNC Holdings, Inc. (NYSE: GNC) (the “Company”) today announced that as a result of the COVID-19 pandemic, the Company has had to make some difficult decisions in order to protect the long-term prospects for the business.
Given the unprecedented economic disruption caused by this health crisis, management has implemented measures to reduce expenses and maintain flexibility to manage through these challenging times including:A reduction in operating expenses including a hiring freeze, eliminating corporate merit increases and other cost saving initiativesA decrease in the number of field leadership roles as the company continues to optimize the store fleetReducing costs across the business with the exception of digital capabilitiesTemporary furloughs for a significant portion of our store and corporate associates across all levels of the organizationFurloughed associates will maintain health benefits in GNC sponsored plans with 100% of the premium funded by GNC throughout at least the month of April.“These decisions were extremely difficult but necessary as we navigate the challenges ahead of us. We are focused on our people and our business, and because of that we had to take decisive action,” said Ken Martindale, chairman and chief executive officer. “We expect these measures will give us the footing to continue to provide solutions to help others live well.”About GNC:GNC Holdings, Inc. (NYSE: GNC) is a leading global health and wellness brand that provides high quality science-based products and solutions consumers need to live mighty, live fit, live long and live well.The brand touches consumers worldwide by providing its products and services through company-owned retail locations, domestic and international franchise locations, digital commerce and strong wholesale and retail partnerships across the globe.  GNC’s diversified, multi-channel business model has worldwide reach and a well-recognized, trusted brand.  By combining exceptional innovation, product development capabilities and an extensive global distribution network, GNC manages a best in class product portfolio. As of December 31, 2019, GNC had approximately 7,500 locations, of which approximately 5,400 retail locations are in the United States (including approximately 1,800 Rite Aid licensed store-within-a-store locations) and the remainder are locations in approximately 50 countries.Contacts:Investors:   
Matt Milanovich, VP- Investor Relations & Treasury, (412) 402-7260; or
John Mills, Partner – ICR, (646) 277-1254

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.