Tuesday, March 24, 2020

GNC downgraded after saying it probably can't pay its debt

Retail Dive
S&P Global downgraded GNC following a regulatory filing by the supplement retailer that acknowledged the company does not expect to have the cash to repay some of its debt that matures in less than a year. Because of that, GNC also added "going concern" language to the fling, saying there was "substantial doubt" that it would be able to continue operating over the next 12 months.

S&P analysts said that, in their view, a default on or restructuring of debt is "inevitable" given that the company admits it does not have the cash to pay it back.. . . more