Remington, the oldest gun maker in the United States, files for bankruptcy
27 March, 2018, 03:14 | Author: Samuel Sharp
Remington has not indicated whether the bankruptcy filing will affect the agreement to replace the parts.
The slowdown has been attributed to Mr Trump's opposition to gun control laws, which stopped the panic-buying rush that the prospect of a Hillary Clinton presidency had prompted.
Remington was cleared of any wrongdoing over the CT slaying, which saw 20 first-graders and six teachers killed by gunman Adam Lanza, but its reputation was badly tainted.
As the Wall Street Journalreports, anti-gun advocacy, declining sales and the continuing threat of a class-action lawsuit that resulted from the 2012 Sandy Hook Elementary School shooting are killing an American institution that was founded in 1816 will always be idenified with the Old West.
Like other gun manufacturers, Remington saw sharp sales declines following the 2016 presidential election, as customers apparently saw less urgency to stockpile firearms under Donald Trump. Families of the victims sued Remington, and while the suit was ultimately dismissed, multiple investors withdrew from the company.
Remington has struggled with a drop in sales for years, particularly after the Sandy Hookmassacre.
While investigators did clear the brand of wrongdoing in the shooting, many investors distanced themselves from the brand, owned by Cerberus Capital Management. More than a half of them own just one or two, whereas 14% of them - 7.7 million or 3% of the US population - own anywhere between eight to 140 guns. But half of those guns are owned by only 3 percent of the population. It has been many years that we have seen these kind of numbers. That small base of what are sometimes referred to as "super-owners" has made the industry more unstable. Remington said it would continue operating and making guns while in bankruptcy.
Profit growth at Sturm, Ruger & Co.is under severe pressure and the company's shares are down 18 percent this year. Remington is also one of the best-known gun makers in the world.
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