Vitamin chain GNC Holdings Inc. plans to close approximately 200 stores in 2018 as it continues to turn around its business, WSJ Pro reported. That number could increase or decrease depending on GNC’s efforts to either renegotiate some leases or find other relocation opportunities, according to filings with the Securities and Exchange Commission. GNC has thousands of stores globally, with 3,385 locations in the U.S. and Canada. GNC has been working to improve its business as it faces a difficult environment in which dozens of brick-and-mortar chains have liquidated thousands of stores in the last year. The vitamin retail sector has been distressed in particular. Competitor Vitamin Shoppe Inc. recently interviewed turnaround advisers, while Vitamin World sought chapter 11 protection in 2017. Harbin Pharmaceutical Group Holding Co. struck a deal with GNC in February regarding a strategic partnership and joint-venture agreement for the manufacturing, marketing, sale and distribution of GNC-branded products in China. As part of the deal, Harbin plans to invest $300 million in convertible perpetual preferred shares and become GNC’s largest single shareholder. Harbin’s shareholders have voted in favor of the investment and partnership. GNC, which has more than 2,000 international stores, has seen its business perform better overseas.
