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The coronavirus pandemic may have been the last straw for the struggling J.C. Penney company. Wochit

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GNC Holdings Inc., parent company of health and wellness retailer GNC, filed for Chapter 11 bankruptcy protection late Tuesday and said it plans to close “at least 800 to 1,200 stores.”(frequently asked questions about the decision. 

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Store closings 2020: news release, GNC said it has reached an agreement with its key stakeholders “to pursue a dual-path process that will allow the Company to restructure its balance sheet and accelerate its business strategy through Chapter 11 of the U.S. Bankruptcy Code.”

According to the release, the agreement with lenders and Harbin Pharmaceutical Group Holding Co. Ltd., an affiliate of GNC's largest shareholder, has a $760 million purchase price, “which would be executed through a court-supervised auction process at which higher and better bids may be presented.”

The company said with support of lenders and stakeholders it “expects to confirm a standalone plan of reorganization or consummate a sale that will enable the business to exit from this process in the fall of this year.”

U.S. and international franchise partners and corporate entities outside North America are not included in the Chapter 11 filing, the company said.

Layoffs: @KellyTyko.

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