GNC Provides COVID-19 Related Business Update

4/4/20

PITTSBURGH, April 03, 2020 (GLOBE NEWSWIRE) -- GNC Holdings, Inc. (NYSE: GNC) today announced that as a result of the COVID-19 pandemic, the Company has had to make some difficult decisions in order to protect the long-term prospects for the business.

Given the unprecedented economic disruption caused by this health crisis, management has implemented measures to reduce expenses and maintain flexibility to manage through these challenging times including:

  • A reduction in operating expenses including a hiring freeze, eliminating corporate merit increases and other cost saving initiatives
  • A decrease in the number of field leadership roles as the company continues to optimize the store fleet
  • Reducing costs across the business with the exception of digital capabilities
  • Temporary furloughs for a significant portion of our store and corporate associates across all levels of the organization


Furloughed associates will maintain health benefits in GNC sponsored plans with 100% of the premium funded by GNC throughout at least the month of April.

“These decisions were extremely difficult but necessary as we navigate the challenges ahead of us. We are focused on our people and our business, and because of that we had to take decisive action,” said Ken Martindale, chairman and chief executive officer. “We expect these measures will give us the footing to continue to provide solutions to help others live well.”

About GNC:

GNC Holdings, Inc. (NYSE: GNC) is a leading global health and wellness brand that provides high quality science-based products and solutions consumers need to live mighty, live fit, live long and live well.

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