GNC's Slump Leads To Delist Notice For Its Stock
Executive Summary
GNC's 30 trading-day average closing share price through 21 April was 56 cents and the average market capitalization was around $47.3m; the firm's last reported stockholders’ equity through December 2019 was a debt of around $207.3m.
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Bankruptcy Filing Could Be GNC's Next Step
Payment is due on 16 May to reduce GNC's debt of more than $865m in convertible notes and other credit facilities to less than $50m. "Substantial doubt exists regarding our ability to reduce the" debt to less than $50m, says CFO Tricia Tolivar.
GNC In Rough Seas From COVID-19 Pandemic; Vitamin Shoppe Safe In Port Under New Owner
GNC announces "significant" store and management staff furloughs and other cost-cutting moves "to protect the long-term prospects for the business." Vitamin Shoppe told customers that its stores remain open though it reduced business hours.
GNC Results Slumped, And Then Coronavirus Pandemic Spread Uncertainty Across 2020
Refinancing its debt and reducing its network of stores also expected as drags on 2020 earnings, GNC says. No avoiding the coronavirus pandemic, though, during its earnings briefing; with uncertainty brought on by the pandemic added to other headwinds, it didn’t offer guidance on its 2020 results.