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[Music] GNC stands for General Nutrition centers which I think is a bit of a boring name but it describes them perfectly these places are all about vitamins and supplements and well I guess General Nutrition I'm guessing that you already know all of this because at their peak in 2015 they had more than nine thousand locations they were in every state in the u.s. in addition to franchises all over the world that is really big for a vitamin and supplement store in fact I challenge you to name any other that even compares to them in size there isn't anything around that time they estimated that they were 11 times larger than the next largest comparable retailer and here's a few quick ways that they've separated themselves from those others they would use the relationship with vendors to be among the first to secure new products they would research and develop their own products under their own labels it would hire knowledgeable employees that could help advise customers you can see how their size was working to their advantage well the reason I'm talking about them today is because I'm June 24th 2020 they filed for bankruptcy the immediate issue as with any bankruptcy is that they borrowed a bunch of money and when it came time to pay it back they weren't able to in this case it's in the amount of hundreds of millions of dollars which makes this a big deal now as I say this it's all still new in developing it but it's looking like they're going to make it through it probably use the opportunity to close some stores reduce their debt re-evaluate things and hopefully emerge from it in a better position in 2020 the pandemic caused them to close 30% of their stores which understandably caused their revenue to go down unfortunately they were really counting on those sales to pay off these lingering debts and when the money wasn't there well we can see what happened again that's all the very immediate issue it's what we see on the surface to identify what really happened here we have to look a little deeper see despite being able to separate themselves in the market the reality is that GNC has been struggling for quite a while now I am confident in saying that this bankruptcy probably would have happened soon anyway I mean just taking a look at their stock price it is pretty clear that things were going bad well before 2020 they started that year at 268 which was down from their peak of well over $60 around six years earlier typically I try to avoid talking about stock price very much but in this case it's a very immediate visual of what's been happening and I'm going to argue is actually the cause of what's been happening you'll see what I mean in a minute but before I get into the financial part I'm gonna talk...