A Dubuque store will close after its parent company recently filed for Chapter 11 bankruptcy protection.
The GNC store at 2565 Northwest Arterial in Asbury Plaza is one of three Iowa locations that will close, according to the company. The store closure list does not include the GNC store inside Kennedy Mall, so it is poised to remain open.
Health and wellness company GNC Holdings announced it intended to close at least 800 stores when it filed for Chapter 11 bankruptcy protection. No timetable was announced for those closures.
The company said in a statement that it was looking to restructure its balance sheet at the same time it explores finding a potential buyer, with a minimum purchase price of at least $760 million.
The company expects to confirm a standalone plan of reorganization or consummate a sale that will allow the business to exit from the bankruptcy process in the fall.
The closure list also included 13 locations in Illinois, including a store in Freeport, and four in Wisconsin.