Legendary Gun Manufacturer Remington Files For Bankruptcy
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.
"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.
According to The Korea Herald Samsung might come to know that how to fix a fingerprint sensor underneath the glass display. It comes with 32GB on-board storage, which can be further expanded up to 256GB using MicroSD Card.
Students at Columbine High School in Colorado join their fellow students in the nationwide protests against gun violence. He's not a gun owner, but he also doesn't want to abolish the Second Amendment. "I want to see change".
Last week CNN interviewed former Playboy model Karen McDougal, who described a 10-month affair with Trump starting in 2006. Trump himself has remained uncharacteristically quiet on Twitter ...as questions arise about hush money paid to Daniels.
Shami was accused by his estranged wife Hasin Jahan of taking money from a Pakistan woman and being involved in match-fixing. He sustained minor injuries in a road mishap while travelling from Dehradun to New Delhi as the news spread like wildfire.
Earlier, the army announced that soldiers had spotted signs of infiltration from the southern Gaza Strip and launched a manhunt. IDF troops arrested three Palestinians from Gaza who entered Israeli territory on Tuesday morning carrying grenades and knives.
Teammate JaVale McGee had tried to block a shot and came down hard, appearing to take Curry's leg out from under him. The catch being, of course, that Curry is ready in time for a potential Western Conference Final showdown.
Kallman, the Uber spokesman, said the second person was in the vehicle for purely data related tasks, not safety. One self-driving auto expert, Bryant Walker Smith, said his first impression was of "outrage" viewing the video.
Liberal Democrat Brexit spokesman Tom Brake told the Press Association: "The blue passport saga is turning into a farce". Tory MP and former worldwide development secretary Priti Patel also raged that it amounted to a "national humiliation".
Shoppers chose to take advantage Friday, picking up toys for their children and items for babies at a discount. Even though they are small now, we have memories for the future as far as the pictures go", said Ashmore.
'I Wish I Could Have Done Better'
Hamilton went on to give credit to MI for winning the game, but never really answered why his team didn't foul down the stretch. It was the right question to ask. "He was nothing but professional w/me throughout this weekend as I believe I was with them".
Trump Administration Expels 60 Russian Diplomats
The prime minister said the nerve agent attack "reflects a pattern of recklessness and aggression by the Russian government". The White House branded it a "brazen action" and said the move to expel 60 Russians would make the country safer.
Rahul Gandhi fires fresh salvo at PM
He alleged that the personal data including emails, photos, genders and names of the users of Modi's mobile app were being sent to a third party domain without their prior consent.
Delhi govt announces Rs 100 crore for Wi-Fi project
The allocation was done to let parents monitor the activities of their children activities in real time over the web. In the past, the AAP government has presented an "education and health budget' and "outcome budget".
Catalonia planned vote for regional president flops
Pro-independence candidate Jordi Turull received only 64 out of the 68 votes needed to secure the necessary absolute majority. Jordi Turull, the leading candidate to be the next president of Catalonia , was among the group Llarena sent to prison.
BJP is largest party in Rajya Sabha now
The other BJP winners were Arun Jaitley , Ashok Bajpai, Vijay Pal Singh Tomar, Sakal Deep Rajbhar, Kanta Kardam, Anil Jain, G.V.L. The votes of SP MLA Nitin Agarwal and Anil Singh of the BSP , who cross voted in favour of the BJP , were declared invalid.