GNC Cancels Auction, Pushes Forward With Sale to Chinese Sponsor

GNC Holdings Inc. canceled its auction and is moving ahead with plans to sell itself to its Chinese sponsor in bankruptcy court despite recent resistance from U.S. political figures.

The health and wellness company said no other qualified bids emerged by last week’s deadline and, as a result, is seeking approval to sell its assets to its largest shareholder and original bidder, Harbin Pharmaceutical Group Holding Co., according to filings. A hearing to approve GNC’s sale to Harbin will be held Thursday, Sept. 17 in Delaware bankruptcy court.

“Harbin is a long-time and trusted partner of GNC, and we ...