GNC Holdings, Inc. (NYSE:GNC) filed for chapter 11 bankruptcy protection on June 24, 2020 with plans to sell itself and close up to a sixth of its 7,300 stores world-wide. he Pittsburgh-based retailer said it reached an agreement with the bulk of its secured lenders to pursue a dual-path restructuring that will preserve the business. Bankruptcy financiers have given GNC about six months to either achieve a sale, possibly to one of China’s largest drugmakers, Harbin Pharmaceutical Group Co. Ltd, or reorganize with a lighter balance sheet, according to papers filed in U.S. Bankruptcy Court in Wilmington, Del. A proposed sale to an affiliate of Harbin Pharmaceutical Group Holding Co., Ltd, GNC’s largest shareholder, has support from a majority of secured lenders, according to the company. But, unless an auction drives up Harbin’s $760 million offer, a sale won’t cover GNC’s $903 million in bank and bond debt.