GNC seems mostly gone from malls etc. Do they survive due to PX on bases?
" Imagine strolling through a U.S. military base’s shopping area, picking up your favorite protein powder or multivitamins, only to discover that the store you’re patronizing is owned by the Chinese Communist Party (CCP). Sounds like something straight out of a novel about the dystopian future of America, right? Unfortunately, this is the reality we’re facing today. The nutritional supplement retailer GNC, a familiar sight on many military installations, is now under the control of a Chinese state-run enterprise. Let’s explore how this happened, what it means for our national security, and what steps are being taken to address this glaring problem.
GNC: From Bankruptcy to Beijing’s Arms
In June 2020, GNC filed for Chapter 11 bankruptcy after facing massive financial trouble, including nearly $1 billion in debt and falling revenue—problems made worse by the COVID-19 pandemic. The bankruptcy filing gave GNC a legal path to either reorganize or sell its assets to stay afloat. Harbin Pharmaceutical Group, a Chinese state-owned company that had already been GNC’s biggest shareholder and joint venture partner since 2018, stepped in as the “stalking horse bidder.” That term means Harbin set the minimum price—$760 million—for GNC’s assets and was first in line to buy if no better offers came in."