GNC - GNC: Short Argument Has Run Its Course
The denouement of the GNC Holdings (GNC) debt saga, we predicted at the end of 2017, would come at some point in the (then) coming year. The prediction was a fait accompli — an inevitability — given the company’s debt maturities and the lack of available resources, although we had considered an outright acquisition of the company more likely than the eventual equity recapitalization. However, it hardly proved the end of the story as the resolution of the debt situation only shifted focus onto questions about the persistency and strength of the underlying