GNC Provides COVID-19 Related Business Update
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
The brand touches consumers worldwide by providing its products and services through company-owned retail locations, domestic and international franchise locations, digital commerce and strong wholesale and retail partnerships across the globe. GNC’s diversified, multi-channel business model has worldwide reach and a well-recognized, trusted brand. By combining exceptional innovation, product development capabilities and an extensive global distribution network, GNC manages a best in class product portfolio. As of
Source: GNC Holdings, Inc.