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GNC Parent LLC history
GNC Parent LLC company history timeline
The company fired long-time president Gary Daum and fellow manager Bart Shakarian (David's brother) and brought in Jerry Horn in 1985 to clean up the mess.
Started in 1987, the program was created to help finance expansion and to infuse a new spirit of entrepreneurialism in the organization.
The initial public offering generated $81 million, with a secondary offering in 1993 raising another $57 million.
In 1994 GNC opened 172 company and 224 franchise stores and added another 207 units by acquiring Nature Food Centers for $61 million.
Another product, a plant oil extract linked to cardiovascular health developed by Monsanto, was due later in 1998. It had established six partnerships since 1996.
In 1997, 24 GNC centers were opened in Canada.
To support its growth GNC had invested some $1.9 million in advanced logistics software and integrated bar code and hardware technology in 1997.
The strategy hit a snag in July 1998, however, when GNC filed suit against Humanetics Corporation, a Minnesota-based research company, for breaching its contract to allow GNC to exclusively market Humanetics' dietary supplement, 7-Keto.
By mid-1998 the company had 15 Live Well stores in operation and planned to convert 55 existing stores and add another ten by the end of the year.
By 2005 there would be 150 million people over the age of 35.
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