GNC Holdings (GNC, -6.31%) is joining the parade of store chains closing a big number of stores as they look to fix their businesses.
The vitamin retailer said in a regulatory filing late Thursday that it plans to close 200 stores this year, a number that could vary depending on its ability to renegotiate leases or move some stores. GNC operates small but ubiquitous locations, with 3,385 stores in the U.S. and Canada, along with franchise stores and small areas within many Rite-Aid (RAD, -3.29%) stores. It has another 2,000 stores abroad.
But the vitamin industry is full of turmoil that is taking its toll on GNC and its rivals. Vitamin Shoppe (VSI, +0.51%) has interviewed turnaround advisers according to the Wall Street Journal, while Vitamin World filed for Chapter 11 bankruptcy protection last year. GNC reported consolidated revenue dropped to $607.5 million in the first quarter, from $654.9 million in the year-earlier quarter.