GNC

In 1935, with just $35 in his pocket from the first day's sales, David Shakarian opened a small health food store in Pittsburgh called Lackzoom. This humble beginning laid the foundation for what would become General Nutrition Centers, or GNC. Shakarian's vision tapped into a growing interest in health and nutrition, and by the 1960s, he had expanded his business, changing the name to General Nutrition Centers to reflect its broader focus. The company experienced significant growth over the decades, and in the 1980s, Shakarian took GNC public on the New York Stock Exchange. This was just the first of many major financial transactions. In the late 1980s, GNC was taken private after being sold to Thomas H. Lee Partners. The company went public again before being acquired by Royal Dutch Numico in 1999, followed by another sale to Apollo Management in 2003. In 2007, Ares Management and the Ontario Teachers' Pension Plan acquired GNC. The company had another initial public offering in 2011. Despite its growth, GNC faced significant financial challenges. In June 2020, the company filed for Chapter 11 bankruptcy. This led to the closure of numerous stores and the sale of the company for $770 million to its largest shareholder, the China-based Harbin Pharmaceutical Group, in September 2020. GNC emerged from bankruptcy under this new ownership, continuing its operations as a wholly owned subsidiary.