Expanded too quickly? They've been around for 40 years. They're original business model of setting up shop in your local mall has become outdated.
Back in the 50's and 60's wealthy developers built malls all over the place because they were huge tax shelters. Now there's a surplus of malls that are old, dilapidated and dying out.
It's natural that many of the GAC locations in these types of malls close down. It's just the market resetting itself. Don't worry GAC is doing great they are opening new stores in lifestyle centers, shopping plazas and even looking into airport locations.
Obviously they will continue to be in malls but they are definitely expanding their acquisition strategy and keeping up with today's market.
*In the spirit of full disclosure, I am a multi-unit GAC franchisee in Florida