Published: Tue, March 27, 2018
Culture&Arts | By Merle Christensen

Gun Giant Remington Declares Bankruptcy

Gun Giant Remington Declares Bankruptcy

Remington will reportedly relinquish control of the company to creditors who will assume its debt.

Alabama Media Group, which includes numerous major print and electronic news outlets in that state, is reporting the Chapter 11 filing indicates it will not disrupt Remington Outdoor Company operations in any way.

Remington, America's oldest gun maker and creator of the flintlock rifles, announced the deal in February to reduce its $US950 million debt in a deal that will transfer control of the company to creditors.

According to Bloomberg: "After the Sandy Hook [Connecticut] shooting, Cerberus announced it would sell the company, as its own agitated investors demanded an exit, but it failed to find a buyer". The young man who killed 20 first-graders and six educators in the Sandy Hook shooting in CT in 2012 used a Bushmaster. Estimates say that a few dozen workers are back on the job, and an undetermined amount of potential employees have filed applications for work at Remington Arms.

The Madison, North Carolina, company's production of one of the best-known weapons in the world, the Bushmaster AR-15 rifle, has also proved problematic. For Remington, bankruptcy could provide them with protection in an on-going lawsuit brought against them by Sandy Hook families, though the lawyer representing the families tells Reuters she expects the case to move forward as planned. I am confident this regrouping ensures that Remington will continue as both a strong company and an indelible part of our national heritage.

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Founded in 1816 and taken over by a private equity firm in 2007, Remington enjoyed a brief sales reprieve during the Obama adminitration, as dealers preyed on consumers' paranoia that a Democratic administration would toughen restrictions and regulations. The matter has since reached the Connecticut Supreme Court, The Wall Street Journal reports.

Sales also plunged 27.5 percent in the first nine months under Donald Trump's presidency. It has been many years that we have seen these kind of numbers.

In 2015, another gunmaker, Colt Holdings Co., filed for Chapter 11 bankruptcy protection.

The point is, while it was an internationally recognized brand in firearms manufacturing, Remington Arms was always more of a family affair for those who grew up in the shadow of that factory.

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