GNC Continues Product Lineup Changes Under Harbin Pharmaceutical Ownership
After selling to Harbin Pharmaceutical Holding Group Co. LLC in 2021, GNC continues to expand its product line by adding Bucked Up LFG pre-workout supplement to its websites and stores nationwide.
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Deadline passed for “other qualified bidders to submit higher or otherwise better offers to purchase” full ownership of GNC. Approving sale to Harbin Pharmaceuticals, already its largest shareholder, depends partly on approval by US bankruptcy court, where a hearing is set for 17 September.
Jefferies analysts point out more sales of supplements, particularly sports nutrition products, already were moving online before COVID-19 prompted quarantine orders and spike e-commerce sales. GNC could have capitalized but didn’t have capital available to make its online sales platform and operations large enough to support potential growth.