GNC
to close up to 900 Stores by end of 2020
GNC plans to close as many as 900 stores by the end of 2020, with the
Pittsburgh-based health and wellness chain primarily looking to shutter
many of its mall locations.
"The negative trends in traffic that
we've seen in mall stores over thepast several years has accelerated
during the past few quarters," CEO Ken Martindale told investors Monday,
according to a conference call transcript. "As a result of the current
mall traffic trends , it's likely that we will end up closer to the top
end of our original optimization estimate of 700 to 900 store closures."
Martindale
said the chain's strip center locations are relatively stable compared
to mall locations. He also noted that 61 percent of GNC's existing store
base is located in strip centers while only 28 percent of the stores
are mall-based.
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