Vitamin World Inc. will join a growing list of retailers across the country by closing more than 100 stores in 30 states.
The nutritional supplement retailer filed for Chapter 11 bankruptcy in September. At the time, it had announced the closure of 51 stores with plans to restructure its business. But following operational challenges and liquidity concerns, the brand decided to shutter a larger portion of its assets and will sell off 124 of its assets through an expedited auction process, the Wall Street Journal reports. The retailer had 334 stores in its portfolio as of September.
Additional reasons for closing more than double its previously announced number of stores include high operating costs, low profit margins and poor sales. Like many retailers, Vitamin World has also struggled with the shift to e-commerce.
Closing sales are expected to begin next week and will end by late January.
