Bankruptcy Puts Remington In The Line Of Fire

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ATLANTA, GA - APRIL 29: Custom Remington pistols are displayed at the 146th NRA Annual Meetings & Exhibits on April 29, 2017 in Atlanta, Georgia. With more than 800 exhibitors, the convention is the largest annual gathering for the NRA's more than 5 million members. (Photo by Scott Olson/Getty Images)

In light of the recent mass shootings, gunmakers are taking a hit. A prime example of a prominent gun manufacturer that is now losing business is Remington Outdoor, a household name in the gun world.

Due to a considerable decline in sales and mounting debt, Remington Outdoor filed for bankruptcy protection Monday, The New York Times recounts. In February, the company announced that it was close to a bankruptcy filing after revealing that it owed debts amounting to between $100 million and $500 million.  Also in February, lenders gave Remington hundreds of millions of dollars to keep the company afloat in exchange for an ownership stake. But Remington is still in trouble.  

Remington’s sales fell markedly last year, tumbling to $603m – about half of what the firm netted in 2013, and most analysts think that’s because buyers are less worried about the possibility of new gun restrictions since US President Donald Trump took office.  Trump is bad for the gun business.  Obama was great. Without the fear of restrictions, people aren’t buying as many guns.