Battered by the coronavirus-shutdowns of its stores that pushed net losses to $200 million in the first three months of the year, Pittsburgh-based GNC Holdings Inc. may file for bankruptcy protection if it can not convince lenders to delay payments due May 16 on $50 million in debt, company officials said, TribLive.com reported The health and wellness products retailer will consider “all options” as it negotiates with its lenders this week and can’t predict if the talks will result in extending the deadline for payments, Ken Martindale, chief executive of told analysts in a conference call on Monday. GNC’s bottom line suffered from the closing of about 1,100, or 30 percent, of its U.S. and Canada company-owned and franchise retail stores because of Covid-19 restrictions, Martindale said. To cut costs during this pandemic, GNC has furloughed 3,800 workers, even though about 100 stores have reopened, Martindale said. Staff at the company’s headquarters have been hit as well, with about 200 employees laid off through the end of May, Martindale said.
