Remington Declares Chapter 11 Amid 'Trump Slump' In Gun Sales

Remington Declares Chapter 11 Amid 'Trump Slump' In Gun Sales

Remington Declares Chapter 11 Amid 'Trump Slump' In Gun Sales

After 202 years in business, America's oldest gun manufacturer, Remington, has filed for Chapter 11 bankruptcy protection.

Remington, which did not return a call for comment to WAMC, has lined up $100 million from lenders to continue operations. With the consent of a majority of the holders of the term loans and the third lien notes, Remington Outdoor will provide a $45 million delayed draw first-out first lien term loan to the operating company.

Under the plan filed in bankruptcy court in Delaware, Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership and the creditors will take over the company. The rifle was used in the 2012 Sandy Hook massacre in CT in which 20 children and six teachers were killed.

The country's oldest gun-maker is headquartered in Madison, N.C., but employs approximately 1,000 people in Ilion, 69 miles east of Syracuse. One class action lawsuit claims the company's triggers are defectively designed and can discharge even if they're not pulled.

No one is saying what will happen to the 3,500 or so employees at Remington as it reorganizes.

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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.

The filing came after a weekend of marches across the US seeking tighter laws to fight gun violence.

According to a study by Harvard University and Northeastern University, the number of privately-owned guns in the nation grew by over 70 million from 1994 to 2015 to a total of about 265 million, with half of those guns owned by just 3 percent of the population.

Congresswoman Claudia Tenney did release a statement after Remington declared bankruptcy, and says the company has given assurances that this filing is primarily to restructure their debt and that there will be no loss of jobs. Other cities joined in, with at least 200,000 more marching in NY.

Remington's struggles are an example of the unstable opulence of the firearms industry, and highlight the frailness of the firearms industry both politically and economically. That weapon was a Smith & Wesson, made by a unit of American Outdoor Brands Corp. It's also looking into creating new investment funds for investors that exclude firearms makers and retailers.

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