The Australian operations of the GNC Livewell franchise have been placed into voluntary administration by its Singapore based parent company Osim International.
ONI Global, the Osim International subsidiary, is now in the hands of Melbourne administrator Gess Rambaldi of Pitcher Partners.
A statement released by Lee Hwai Kiat, company secretary, said the business had made an average loss of about S$3.5m a year.
“A combination of a weak economic environment and a fluctuating exchange rate has been challenging for ONI Australia,” the statement read.
The business’ exit from the Australian nutrition market will “free up management time to focusd on growing the company’s core profitable markets in Singapore, Malaysia, Taiwan and China”.
In Australia GNC Livewell has franchised 38 sites in two years.
According to SmartCompany the first meeting of the creditors will be held on 23 December in Melbourne.