GNC Closes 4,400 Stores Nationwide Wednesday in Bid to Avoid Death

Retailers are taking to a once unthinkable strategy -- close all their stores and hit the reset button.
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The latest struggling outfit to hit the reset button is vitamin-seller GNC Holdings (GNC) - Get Report , which will close its 4,400 U.S. stores on Wednesday to overhaul its pricing system. When the stores open their doors Thursday, labels for GNC's protein powders, herbal remedies and nutritional supplements will feature a single price. About 50% of the company's products will be offered at lower prices than before, while a quarter of the prices will be higher. Gone will be the company's generally unpopular Gold Card rewards program, replaced by a new simplified one called My GNC Rewards. The company will also launch a new mobile app. On Dec. 29, the company plans to emerge as the "New GNC."

This article was written by a staff member of TheStreet.