GNC (GNC) reported uninspiring operating results for the fourth quarter despite beating low expectations. The company’s same store sales figure of -2.4% was slightly better than our expectations. However, it was only just above our threshold of -3% to -4% same store sales that represents our estimate of the breaking point on the company’s ability to meet its ongoing debt repayment commitments. It should be noted that these thresholds assumed the company would be able to close a refinancing of the convertible notes in combination with the company’s other debt in order to