Sunday, 15 July, 2018

Gunmaker Remington seeks help in bankruptcy court

Remington, one of nation's top gunmakers, files for bankruptcy Legendary Gun Manufacturer Remington Files For Bankruptcy
Ginger Lopez | 27 March, 2018, 19:07

Remington generated $865.1 million in sales and $21.6 million in profit in Fiscal Year 2017, the last full year publicly reported, but owes approximately $958 million.

Remington Arms filed Chapter 11 bankruptcy paperwork, but the move was not a surprise.

Remington said in February it seeks to reduce its $950 million debt by transferring control over the company to creditors.

The filing comes amid increased attention on the issue of gun control following the February 14 shooting at Marjory Stoneman Douglas High School in Parkland, Florida. That attack has led to huge protests around the country and a new student-led movement to tighten gun laws. "Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership in the bankruptcy", it explains.

It faced a slew of lawsuits after one of its Bushmaster rifles was used by Adam Lanza in the 2012 shooting at Sandy Hook Elementary School in Newtown, Connecticut.

Remington employed 1,300 people in Ilion in 2014, but its workforce in Central New York today is closer to 1,000.




Remington, based in North Carolina, will continue to operate while it pursues Chapter 11 bankruptcy protection.

Remington was later sued by the relatives of nine people killed and one who survived the Sandy Hook massacre, but the suit was dismissed by a state Superior Court judge. The National Rifle Association pushed the idea that President Barack Obama would damage gun freedoms, helping boost sales for gun makers. His election apparently ended fears among gun owners that the federal government was going to restrict gun sales, leading to a drop in gun sales.

"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".

Records from the bankruptcy court of the district of DE show that the company filed late Sunday. It has been many years that we have seen these kind of numbers. Time will tell if the bankruptcy is the first of many in the gun industry. "This 3% of the population owns half of the civilian guns in the USA", reports Youyou Zhou for Quartz.

Remington Outdoor Co., one of America's oldest firearm manufacturers, filed for federal bankruptcy protection.

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