The Chapter 11 filing late Tuesday came days after GNC paid nearly $4 million in cash bonuses to top executives, including $2.2 million for CEO Kenneth Martindale. ADADThe bonuses were issued on June 18, five days before the bankruptcy filing. In its bankruptcy filing, GNC said it had both assets and liabilities between $1 billion and $10 billion. Further adding to the pain: Many GNC stores are located in second- and third-tier malls, where traffic has dwindled for years. More recently, GNC was facing a $160 million in debt payment due in August, and another $450 million due next March.

Source: Washington Post June 24, 2020 18:25 UTC