GNC cancels funding plans, seeks alternatives

GNC cancels funding plans, seeks alternatives


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NEW YORK (AP) — GNC Holdings Inc. cancelled a sale of senior notes and its plans to borrow more as it considers other options to raise funds.

The Pittsburgh-based nutritional supplements company retained Goldman Sachs as its strategic adviser. The company did not specify its options, though a potential sale is usually part of a strategic alternatives search.

The shift comes several months after former Rite Aid CEO Ken Martindale took the leadership post at GNC. The company had been undergoing a strategic review process. It has been facing stiffer competition as more retailers enter the market for health and wellness products.

GNC operates about 9,000 locations worldwide, including roughly 6,800 stores and franchise shops in the U.S.

In afternoon trading, shares of GNC edged down by 9 cents to $5.30.

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