Here’s why GNC temporarily closed 4,464 stores

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Here’s why GNC temporarily closed 4,464 stores
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Struggling vitamin and supplements retailer GNC closed 4,464 of its U.S. owned and franchised locations on December 28 as the chain works to revamp the brand.

Stores will reopen December 29 with the launch of One New GNC.

Read more: These 14 major retailers are each closing at least 100 stores

GNC closes to make some big changes 

As part of the rebranding, GNC will offer the same price in stores and on GNC.com, which replaces the current complicated system that includes multiple price structures.  

The changes come amid increased competition from discount retailers, including Costco and Amazon.

“As we said on our last conference call, we’re making these investments because we believe in this business, its future and our ability to return to growth and deliver shareholder value,’ said Robert F. Moran, Interim Chief Executive Officer of GNC.  ‘The New GNC leaves the old, broken model behind.   We’re confident it will have a positive impact on the business, but it will take time for the changes to take hold and translate to improved financial results.’

In addition to the pricing changes, GNC says it will be introducing new brands and new products in the coming year, making sure that items customers want are always in stock.

There will also be contests throughout January for those who sign up for My GNC Rewards, a free loyalty program.

Read more: 7 retailers on bankruptcy watch for 2017

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Michael Timmermann paid off his mortgage in two years. Now, he shares his money-saving tips on his blog, MichaelSaves.com.
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