Singapore retail group Osim International has appointed an administrator to its Australian GNC vitamin store operation.
In a brief statement, company secretary Lee Hwai Kat said the GNC Australia business had been losing an average S$3.5 million annually for the last three years.
“The board of… Osim International is pleased to announce that its subsidiary, ONI Global has decided to review options for the future of its GNC Australia nutrition operations, ONI Global
(Australia) Pty Ltd. A combination of a weak economic environment and a fluctuating exchange rate has been challenging for ONI Australia,” the statement said.
A local administrator has been appointed – Gess Rambaldi of Pitcher Partners, whose role will be to review options for the future of ONI Australia that might include the sale of the business, or part thereof, or an orderly voluntary winding up.
At one point ONI operated 41 GNC LiveWell stores in Australia, but that number is believed to have shrunk to less than 30 now.
Osim runs 238 GNC stores in five markets in Asia-Pacific: Singapore, Malaysia, China, Taiwan and Australia.
GNC – General Nutrition Corporation – was founded in Pittsburgh, US, in 1935 and retails health and nutrition related products, including vitamins, supplements, minerals, herbs, sports nutrition, diet, and energy products in 50 countries around the world, through licensed partners such as Osim International.