Six GNC stores will be closing in Arkansas.
The Pittsburgh-based vitamin and supplement retailer has declared Chapter 11 bankruptcy, prompting the closure of hundreds of stores throughout the United States.
The Arkansas stores are located in Benton, Fayetteville, Jonesboro, Little Rock, Monticello and North Little Rock. According to GNC’ corporate website, there are a total of 15 stores throughout Arkansas. These stores are located in Conway, Searcy, Jacksonville, Batesville, Bryant, Hot Springs and Paragould, in addition to the cities with closing stores. There are four locations in Little Rock.
The company released a list of approximately 250 stores that will be closed. However, GNC is planning to close around 1,200 by the end of 2020.
GNC has filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware and will now be looking to restructure as part of a sale. Harbin Pharmaceutical Group has submitted a stalking horse bid of $760 million to purchase the company.
Despite the bankruptcy, GNC will be paying out almost $4 million in compensation to executives. Chairman and CEO Kenneth Martindale will receive $2.194 million while executive vice president and chief financial officer Tricia Tolivar will be paid $795,000. In addition, chief brand officer Ryan L. Ostrom and chief global officer Carl A. Seletz will each be paid $330,000 and senior vice president and chief human resource officer Steven Piano will be paid $258,000.