One of America's Largest Gun Manufacturers Just Declared Bankruptcy

27 March, 2018, 19:09 | Author: Rachel Mcdaniel
  • Remington Arms has filled for bankruptcy

Inc., one of the largest USA makers of firearms, filed for bankruptcy protection Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control. The company has not announced what will happen to its workers during the reorganization process, but the company said it will continue to operate while working out the details of its bankruptcy filing. That announcement came just two days before the shootings at Marjory Stoneman Douglas High School, which galvanized the debate around guns in America. Families of the victims sued Remington, sparking legal and financial woes for the gun maker. Since 2007, Remington has been owned by private equity firm Cerberus Capital Management, which combined it with several other gun manufacturers to form the so-called "Freedom Group".

A Remington-manufactured Bushmaster rifle was used in the school shooting, which killed 20 children and six adults.

Since its founding over 200 years ago, Remington has been a uniquely American company and brand.

Remington was cleared of wrongdoing over Sandy Hook, but the incident left a black mark on its name.

Remington Arms has filed for bankruptcy after a sharp sales decline under President Trump.

"This hits the pause button and perhaps Remington would reach out for a settlement rather than gamble on the Supreme Court ruling in their favor".

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One of the main reasons for the sales downturn was ironically the election of President Donald Trump.

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. Remington filed in the bankruptcy court of the district of DE, records show.

Another possible factor: A recent study suggests about half of privately owned guns are held by only 3% of the population - meaning changes in behavior by a small number of people can have an outsized effect on the industry.

Area state Assemblyman Marc Butler told WAMC at the time: "This is simply a reaction to a general down turn in the firearms industry".

Rival manufacturer Colt Holdings Co. filed for bankruptcy protection in 2011, while profits at Ruger & Co.'s parent Sturm have also stagnated.

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