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U.S. nutritional supplements retailer takes first step to sell to China’s Harbin Pharma

Sep. 18, 2020 02:33PM EST
Dan Ackermann

GNC Holdings, the Pittsburgh-based nutritional supplements retailer, received bankruptcy court approval to sell itself to China’s Harbin Pharmafor $770 million, although the deal still faces U.S. political pressures over how GNC customer data is protected.

Why it matters: It's a reminder that the U.S.-China merger mess goes well beyond smartphone apps, with Sen. Marco Rubio asking for a CFIUS review.

Details: Harbin still needs Canadian bankruptcy court approval for the deal, which would see it assume around 1,400 storefronts (some of which it would close). For 2019, GNC reported a $35 million net loss on over $2 billion in revenue.

The bottom line: "GNC traces its roots to 1935 when David Shakarian opened a health-food shop selling yogurt and sandwiches in Pittsburgh. The chain rode a wave of interest in nutrition, eventually expanding to over 9,000 outlets. It’s using the bankruptcy process to get out of and renegotiate expensive leases," Bloomberg's Katherine Doherty reports.

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Defense Secretary Austin extends National Guard deployment at Capitol

Roughly 2,300 National Guard troops will support Capitol Police efforts in Washington, D.C. through at least May 23 after Defense Secretary Lloyd Austin approved a request to extend their deployment on Tuesday.

The state of play: It's a nearly 50% reduction to the current number of troops at the Capitol, which has been occupied by Guard troops since the Jan. 6 attack by pro-Trump supporters.

Rep. Seth Moulton says leaving Bagram Air Field made Afghan withdrawal dangerous

Giving up the security of Bagram Air Field — and funneling everyone to Kabul's civilian airport — fueled the chaotic and deadly departure underway in Afghanistan, Rep. Seth Moulton (D-Mass.) told Axios.

Why it matters: Moulton was lambasted for his secret trip to Kabul, but he brought along a former Marine infantry officer's perspective. What would he have done differently? "There's one very simple order, which would have been to start this evacuation months ago."

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OnlyFans suspends plan to ban "sexually explicit" content

OnlyFans, an online creator platform known for its adult content, announced via Twitter Wednesday that it has dropped plans to ban "sexually explicit" content on its platform in October.

Why it matters: The move comes after the proposed ban sparked an outcry from sex workers who relied on the platform to safely make a living.

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Taliban capture third-largest city in Afghanistan, 11th provincial capital in last week

Data: Al Jazeera and AP; Map: Axios Visuals

The Taliban captured the cities of Ghazni and Herat on Thursday, the 10th and 11th provincial capitals to fall to the militant group in recent days, AP reports.

Why it matters: Herat is the third-largest city in Afghanistan. Ghazni is the closest provincial capital to Kabul to fall to the Taliban — putting their frontlines within 100 miles of the heart of Afgahn government. Capturing Ghazni also cuts off a key highway linking it with Afghanistan's southern provinces.

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