Chapter 11 bankruptcy protection filing positions largest shareholder Harbin Pharmaceutical to acquire full ownership for $760m. But petition also gives it an option of reorganizing with $525m financing if a sale is not completed within 141 days.

Jefferies analysts point out more sales of supplements, particularly sports nutrition products, already were moving online before COVID-19 prompted quarantine orders and spike e-commerce sales. GNC could have capitalized but didn’t have capital available to make its online sales platform and operations large enough to support potential growth.

Payment is due on 16 May to reduce GNC's debt of more than $865m in convertible notes and other credit facilities to less than $50m. "Substantial doubt exists regarding our ability to reduce the" debt to less than $50m, says CFO Tricia Tolivar.

Refinancing its debt and reducing its network of stores also expected as drags on 2020 earnings, GNC says. No avoiding the coronavirus pandemic, though, during its earnings briefing; with uncertainty brought on by the pandemic added to other headwinds, it didn’t offer guidance on its 2020 results.