GNC may sell itself, change its capital structure, or overhaul its operations, the nutrition retailer said this week as it rose the most since January, Bloomberg reported.
Shares of GNC Holdings Inc. were up 6.8 percent to $26.02 at 2:56 a.m. Monday in New York, after earlier rising as much as 7.4 percent for the biggest intraday gain since Jan. 20. The company’s stock fell 29 percent on Thursday after the retailer reported first-quarter adjusted earnings that fell short of analysts’ estimates and said that same-store sales were down.
“We believe it is an appropriate time to undertake a comprehensive review of the company’s strategic and financial alternatives,” Chairman Michael Hines said in a statement announcing the review.
GNC said the review will include a review of its operating plan and could involve refranchising stores, changing the company’s capital structure, or selling itself.
One potential buyer could be Vitamin Shoppe Inc., JPMorgan Chase & Co. analyst Christopher Horvers said in a note. The company could also be acquired by a private equity buyer, he said, if GNC added debt to buy back its own stock and go private, he said.
GNC, based in Pittsburgh, runs a chain of health and nutrition stores selling dietary supplements like protein powders and vitamins. It oversees about 9,000 locations, including more than 6,700 in the U.S., according to the company.
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