HomeBussinessUS-owned health-food chain to be wound up

US-owned health-food chain to be wound up


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The High Court has appointed provisional liquidators to businesses that operate 11 health-food stores in the Leinster area.

The appointments were made in respect of GNC Well Ireland Unlimited Company, and the related THSD Unlimited Company which between them have 86 full-time and part-time employees.

The businesses traded under The Health Food Store brand in 10 stores and as GNC in one store.

The companies are part of the US-based GNC group, which operates 4,000 stores in 50 countries.

The 11 Irish stores are located in Dublin, Wicklow and Kildare with a head office in Nutgrove Park, Dublin.

The court heard that the Irish businesses have been loss-making in recent years and deemed by the parent as unlikely to become profitable and commercially sustainable.

Following a strategic review of the businesses, the parent said it was no longer prepared to provide the financial support required in order to continue to trade.

An effort to find a buyer failed. Mr Justice Liam Kennedy said he was satisfied to appoint Nicholas O’Dwyer and John Boland of Grant Thornton as joint provisional liquidators of the related companies.

They would also be in a better position to deal with the firms’ landlords and the employees, counsel for the companies said. The matter will return before the court later this month.

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