Courts / Dublin / Report
Provisional liquidators appointed to operators of GNC Group health food stores
Summary
The High Court appointed Nicholas O'Dwyer and John Boland of Grant Thornton as provisional liquidators for GNC Well Ireland Unlimited Company and THSD Unlimited Company, operators of 11 health‑food stores under the GNC brand. The companies, employing 86 staff, had been loss‑making for years, with sales falling 12% in 2021 and 5% in 2022, and faced rising costs such as business rates, wages, VAT on previously zero‑VAT items and import duties. Their parent, the US‑based GNC group, had provided intracompany loans but withdrew support after a strategic review that found the Irish operations unlikely to become profitable. The parent had also sought a buyer but could not complete a sale. The court said the liquidators would secure stock, liaise with potential buyers, and manage landlords and employees to maximise creditor returns. The case will return to the court later this month.
Who, what, where, when and why
What: Report matter: Provisional liquidators appointed to operators of GNC Group health food stores. Procedural stage: hearing_or_decision
When:
- 2024-07-10 Publication
Why: Following a strategic review of the businesses by the parent, which had been supporting the firms by way of intracompany loans, the parent said it was no longer prepared to provide any further financial support which the firms required in order to continue to trade. CNI source report
Places mentioned
- The High Court
- Dublin. The High Court
- Nutgrove Park
Topics
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