Seven GNC LiveWell stores close as voluntary administration continues
Tuesday, February 16, 2016/
Seven GNC LiveWell stores have closed down less than two months after the Australian operations of the global brand were placed in voluntary administration.
GNC LiveWell stores at Melbourne Central, Westfield Geelong, Chadstone Shopping Centre, Knox Shopping Centre and Watergardens Town Centre in Victoria have ceased trading, according to a statement on the vitamin retailers’ website.
Stores at Westfield Bondi in New South Wales and Westfield Carindale in Queensland have also shut down.
The retail outlets sold a range of vitamins and nutritional supplements.
Singapore-based Osim International placed the Australian operations of GNC LiveWell in voluntary administration in December 2015.
Osim International is also the franchisee for GNC in Singapore, Malaysia, China and Taiwan.
The company operated the Australian stores through its subsidiary ONI Global (Australia).
At least four GNC LiveWell-branded stores continue to trade across Australia because they are independently owned and therefore not directly affected by the collapse of ONI Global (Australia).
Osim International’s incurred a S$2.7 million ($2.6 million) loss when ONI Australia entered voluntary administration, according to the company’s 2015 financial results.
ONI Global (Australia)’s average operating loss for the last three years was around S$3.5 million per year, according to the report.
As a result, Osim International has decided to exit the Australian nutrition market.
Gess Rambaldi and Andrew Yeo from Pitcher Partners are joint administrators of ONI Global (Australia).
A second creditors meeting was held on 28 January.
SmartCompany contacted Pitcher Partners for comment, but did not receive a response prior to publication.