Why GNC Holdings Inc. Stock Plummeted Today
Shares of GNC Holdings Inc. (NYSE: GNC) plunged today after the struggling health-supplement retailer took another step to shore up its finances in the face of a potential bankruptcy. The company came to an agreement with convertible debt holders to buy back debt with company stock, diluting current shareholders in the process.
As of 11:04 a.m. EST, the stock was down 20.4%.
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Source: Fool.com