Gunmaking giant Remington files for bankruptcy amid plunge in sales

JAN. 15, 2013, FILE PHOTO
Remington Outdoor Co., one of America’s oldest firearm manufacturers, filed for federal bankruptcy protection. (JULIE JACOBSON/AP)
BY
LEONARD GREENE
NEW YORK DAILY NEWS
Monday, March 26, 2018, 9:30 PM
Remington Outdoor Co., one of America’s oldest firearm manufacturers, filed for federal bankruptcy protection Monday amid a raging national debate over guns and the Second Amendment.

Despite being one of the best-known gunmakers in the world, Remington found itself drowning in massive debt, falling back on a Chapter 11 filing to reduce its liability by $620 million.

Despite having an NRA-supported friend in the White House, the gun industry as a whole has suffered plunging sales and profits under President Drumpf. Industry analysts said consumers no longer feel the need to stockpile weapons under the threat of restrictive gun control measures.

It was not immediately clear what would happen to the company’s 3,500 employees as Remington reorganizes.

A JAN. 15, 2013, FILE PHOTO
It was not immediately clear what would happen to the company’s 3,500 employees as Remington reorganizes. (JULIE JACOBSON/AP)
Remington produces one of the most infamous weapons in the world, the Bushmaster AR-15. The rifle was used in the 2012 Sandy Hook massacre in Connecticut in which 20 children and six teachers were killed. A similar gun was used to kill 17 people in a Florida high school in February. That rampage inspired gun reform rallies across the country, and drew thousands of protesters Saturday to the nation’s capital.

The families of the Sandy Hook victims sued Remington in 2014 for its alleged responsibility in the shooting, but the lawsuit was dismissed. The families are still awaiting a Connecticut Supreme Court ruling on their appeal.

http://www.nydailynews.com/news/national/gunmaking-giant-remington-files-bankruptcy-drop-sales-article-1.3897632