The Briefing Room

General Category => Economy/Business => Topic started by: mountaineer on September 19, 2020, 01:31:30 PM

Title: GNC sold to Chinese pharmaceutical group
Post by: mountaineer on September 19, 2020, 01:31:30 PM
GNC sold to Chinese pharmaceutical group
Sept. 18, 2020
Pittsburgh Tribune-Review
Joe Napsha
Quote
GNC Holdings Inc., the Pittsburgh-based international health and wellness chain, has been for sold for $770 million to a Chinese pharmaceutical firm in a deal approved Thursday in bankruptcy court in Delaware.

Harbin Pharmaceutical Group Holding Co., an affiliate of GNC’s largest shareholder that owns 40% of the company, also agreed to assume GNC’s liabilities. ...

The company was founded in 1935 by David Shakarian, who during the Great Depression established a little health food store called Lackzoom at 418 Wood St. in Downtown Pittsburgh. The store specialized in yogurt and sold other healthy foods such as honey, grains and healthy sandwiches. ...

Harbin describes itself as being owned by the Chinese government, which prompted U.S. Sen. Marco Rubio, R-Fla., to call for a national security review of the deal prior to its consummation.
Full story (https://triblive.com/business/gnc-sold-to-chinese-pharmaceutical-group/)
Title: Re: GNC sold to Chinese pharmaceutical group
Post by: Right_in_Virginia on September 19, 2020, 01:34:26 PM
Good to know.  Bye-bye GNC. 
Title: Re: GNC sold to Chinese pharmaceutical group
Post by: Wingnut on September 19, 2020, 01:49:17 PM
Guess they are a demorat owned company and sold out.l to their China buddies.
Title: Re: GNC sold to Chinese pharmaceutical group
Post by: sneakypete on September 19, 2020, 02:22:57 PM
The names of the politicians on the committees that had to give approval to this need to be publicly identified and their financial dealing be inspected by a non-government investigative body.

I am betting that a thorough investigation would reveal that they all have family members that were stockholders.

That is AT A MINIMUM. If there were some way to determine who owns bank accounts in certain foreign countries,I think it would be proven those same politicians also profited personally.
Title: Re: GNC sold to Chinese pharmaceutical group
Post by: Applewood on September 19, 2020, 03:56:58 PM
GNC was once the only place you could get certain supplements, health foods and other "healthy" products.  Nowadays you can buy what GNC once sold just about anywhere.  There used to be a GNC store on every corner, particularly around where I live in western PA.  Now many of them are gone.  On my last trip to the local mall, I noticed the space which once housed a GNC was empty.  There just is no need for GNC anymore.
Title: Re: GNC sold to Chinese pharmaceutical group
Post by: sneakypete on September 19, 2020, 06:49:42 PM
GNC was once the only place you could get certain supplements, health foods and other "healthy" products.  Nowadays you can buy what GNC once sold just about anywhere.  There used to be a GNC store on every corner, particularly around where I live in western PA.  Now many of them are gone.  On my last trip to the local mall, I noticed the space which once housed a GNC was empty.  There just is no need for GNC anymore.

@Applewood

There is obviously a demand for it in Asia.