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GNC Missed Opportunities To Drive Growth On Changing Trends

Executive Summary

Jefferies analysts point out more sales of supplements, particularly sports nutrition products, already were moving online before COVID-19 prompted quarantine orders and spike e-commerce sales. GNC could have capitalized but didn’t have capital available to make its online sales platform and operations large enough to support potential growth.

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GNC’s Deadline To Refinance Or Restructure Delayed Until August

GNC had faced a springing maturity date of 16 May for payments to reduce its debt of more than $865m in convertible notes and other debts from credit facilities to less than $50m.

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 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.

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