(Natural News) Rather than take the bankrupt company to auction as planned, GNC Holdings Inc., operator of GNC supplements stores, has instead decided to sell itself to a Chinese pharmaceutical company known as the Harbin Pharmaceutical Group Holding Co.

GNC canceled the scheduled auction after advising a U.S. Bankruptcy Court that it did not receive any qualified bids other than from an affiliate of its largest shareholder. Consequently, it is now planning to hand over the reins to Harbin, which previously invested some $300 million in the company.

Since the transfer would constitute an insider sale transaction, a hearing has been scheduled to consider its approval. This hearing is scheduled for Sept. 17 at 10 a.m. before U.S. Bankruptcy Judge Karen Owens in Wilmington, Delaware.

“Harbin is a long-time and trusted partner of GNC, and we are excited to move forward with them in this process as we seek the Court’s approval of the transaction,” a GNC spokesperson announced.

“We are pleased with the confidence our lenders and business partners have shown in the future of GNC throughout this process and are confident we will emerge a stronger business to the benefit of our associates, consumers, franchise partners and other stakeholders.”