In 1984, Shakarian died, and the following year Jerry Horn was brought in to run the company.
Likewise, Mitchum--Bertrand's sister-in-law--held positions as executive vice-president, secretary, and director of the predecessor companies since 1984.
Bertrand served as president and chairman of the board of the predecessor companies since 1984; he retained these titles in the new corporation.
Analysts questioned Jerry Horn's sanity when he, in 1985, accepted an invitation to serve as president of the troubled General Nutrition Inc.
Tascarella, Patty, “Will Jerry Horn’s Prescriptions Cure GNC?”, Executive Repon, July 1986, Sec.
Started in 1987, the program was created to help finance expansion and to infuse a new spirit of entrepreneur-ialism in the organization.
In 1989, GNC was purchased by the Boston investment firm of Thomas H. Lee in a leveraged buyout, or LBO. In this type of acquisition, the buyer uses mostly borrowed funds that are secured by the assets of the firm to be purchased.
Maraño, Ray, “Saudi Venture a Go for GNC,” Pittsburgh Business, August 20, 1990, Sec.
Trudeau also filed for bankruptcy in Texas in 1990, although he took no further action on the claim.
By 1992, the first year in which GNC showed a quarterly profit, GNC was operating about 1,125 stores and generating over $380 million in annual sales.
In 1992, Micronutrient Initiative was established as a secretariat within the International Development Research Centre (IDRC), based in Ottawa, Ontario, Canada, to support progress toward that goal.
In September 1993, David P. Bertrand and Jana Mitchum organized the current company through the merger of Nutrition Express Corporation of Colorado Inc. with Nutrition Express Corporation of Utah Inc.
Carlsen, Clifford, “GNC Pepping Up Expansion; Bay Fit for 10 More Stores,” San Francisco Business Times, October 29, 1993, Sec.
The initial public offering generated $81 million, with a secondary offering in 1993 raising another $57 million.
GNC made a new public stock offering in 1993.
Nutrition for Life's operations extended to Canada and the Philippines beginning in 1993.
In 1993 IDRC recruited an executive director for the secretariat and transferred 2–3 of its staff to the new organization.
As would be expected in an LBO, the acquisition left the company heavily in debt with large interest charges. It opened hundreds of new stores, which brought the total number of outlets to 1,553 by the end of fiscal 1993.
The merger took effect in June 1994.
Venkatesh Mannar took over in June 1994 as the executive director.
In 1994 GNC opened 172 company and 224 franchise stores and added another 207 units by acquiring Nature Food Centers for $61 million.
To this end, it created an international franchise division in 1994.
Securities and Exchange Commission Form 10-K; General Nutrition Companies, Inc., Washington, D.C.: Securities and Exchange Commission, 1994.
The company also first published its multilingual recruiting publication, Freedom Magazine, in 1994 to answer the most common questions of those considering becoming distributors.
More development followed the next year: Bertrand and Mitchum issued the company's initial public offering in July 1995, and 25 new products were introduced by Nutrition for Life in the fiscal year ending in September 1995.
The company's biggest international presence at the time was in Mexico, where there were 63 GNC stores in 1995.
But by January 1996, the company's marketing program to recruit new distributors became a source of contention.
murray, matt. "gnc makes ginseng, shark pills its potion for growth." wall street journal, 15 may 1996.
With lawsuits settled in at least eight states, Trudeau changed his commission method in July 1996.
By September 1996, the Securities and Exchange Commission (SEC) of the United States began investigating Nutrition for Life for violations of the federal securities laws.
Operating earnings (as adjusted by the company to make comparisons meaningful) were $195 million, up from $152 million in fiscal 1996.
GNC planned to open another 15 stores in the United Kingdom by the end of 1996 and saw a potential for 300--400 new locations there.
Naturally, he didn’t expect much. It was 1996, and our founder, Mr.
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.
Nevertheless, by March 1997, Nutrition for Life successfully negotiated a recruiting campaign for new distributors.
In September 1997, Nutrition for Life installed computer information systems for administrative efficiency, high-quality customer service, and warehouse and shipping management.
Compared with the first quarter of fiscal 1997, revenues were up 20 percent and net income rose 27 percent.
Continuing the "Live Well" theme, GNC launched "Live Well" as an advertising slogan in 1997 with a $50 million national television and print advertising campaign.
Nutrition for Life's sales rose in the third quarter of 1997, indicating renewed confidence among consumers and distributors.
The first was opened in Lake Oswego near Portland, Oregon, in August 1998; it combined a natural foods supermarket with a pharmacy, spa, salon, and resource center.
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.
Lindeman, Teresa F., “Pittsburgh-Based General Nutrition Companies Sells ‘Wellness’ Stores,” Knight-Ridder/Tribune Business News, April 28, 1999.
In April 1999 GNC announced it was ending its experiment with "wellness" grocery stores.
With an aging baby-boom generation, it was predicted that the national market for vitamins and dietary supplements might exceed $12 billion by 2002.
Their dietary supplements were produced locally in 150,000 sq. foot manufacturing facility in Phoenix, AZ until 2004.
By 2005 there would be 150 million people over the age of 35.
In 2008, World Nutrition became the first company to formulate an enteric-coated, liquid filled systemic enzyme gel capsule – Vitalzym Extra Strength, and Vitalzym Xe Professional Strength, formulated for Healthcare Practioners and Providers.
In 2017, the organization formally rebranded to Nutrition International to more accurately reflect their expanding scope, reach and impact.
"General Nutrition Companies, Inc. ." International Directory of Company Histories. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/general-nutrition-companies-inc-0
|Company Name||Founded Date||Revenue||Employee Size||Job Openings|
|Valley Services, Inc.||1960||$400.0M||2,500||8|
|Culinary Services Group||2006||$6.5M||100||46|
|Eurest Dining Services||1996||$16.0M||50||-|
|Trinity Services Group||1990||$140.0M||3,000||13|
|SAGE Dining Services||1990||$90.0M||1,000||211|
|Compass Group USA||1929||$29.4B||478,070||20,417|
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