2 November 2020 - Deborah Wilkes
GNC is moving on from its Chapter 11 bankruptcy, Walgreens Boots Alliance (WBA) and McKesson have completed their German joint venture, and WBA has boosted its board with a senior adviser to former US President Barack Obama.
GNC moves on from Chapter 11 bankruptcy
GNC Holdings has announced the completion of its Chapter 11 bankruptcy protection following its recent acquisition by China’s Harbin Pharmaceutical Group.
The US-based health, wellness and performance retailer said it now had the “platform, capital structure and opportunity to expand internationally and capitalise on the strong GNC brand in new markets around the globe”.
GNC, which had been struggling to manage its debt amid the COVID-19 pandemic, filed for Chapter 11 bankruptcy protection in June 2020 (click here to read the News story).
The company said the court-approved sale to Harbin plus a restructuring had optimised its store footprint and improved its financial standing.
As of 31 March 2020, GNC had approximately 7,300 retail locations in around 50 countries. Approximately 5,200 were in the US.
WBA and McKesson complete joint venture
Walgreens Boots Alliance (WBA) and McKesson have completed the formation of the joint venture combining their pharmaceutical wholesale businesses in Germany.
The two companies announced in December 2019 that they planned to form the joint venture (click here to read the News story).
WBA holds a controlling 70% stake in the joint venture, with McKesson owning the remaining 30%.
The joint venture combines WBA’s Alliance Healthcare Deutschland business with McKesson’s GEHE Pharma Handel. It does not affect any other WBA or McKesson businesses outside of the German wholesale activities.
WBA adds to its board
Walgreens Boots Alliance (WBA) has appointed Valerie Jarrett, a senior adviser to former President Barack Obama, to its board of directors with immediate effect.
Jarrett joins WBA as an independent director and becomes the 11th member of the board.
WBA said Jarrett’s appointment was in line with the company’s diversity and inclusion goals. She is the first African-American woman appointed to the board and the fourth woman on the current board.
Jarrett currently serves on the boards of Lyft, Ralph Lauren and 2U, as well as two private companies Ariel Investments and Sweetgreen.
She was a senior adviser in the White House from 2009 to 2017, and has been a senior adviser to the Obama Foundation since 2017.