Gun-maker Remington going bankrupt
by Lynde Langdon
Posted 3/26/18, 12:47 pm
Remington, the U.S. gun-maker with a history dating back to 1816, filed for Chapter 11 bankruptcy protection Sunday, citing mounting debts and declining sales. Several trends contributed to the company’s downfall, including the consolidation of gun ownership in the United States. A recent study by Harvard and Northeastern universities found 3 percent of the population owns half of the country’s guns, making the market volatile. Gun sales also fell dramatically during the first year President Donald Trump was in office, possibly because of the perception that guns would remain widely available during his presidency. In 2017, firearm background checks declined more than any year since 1998, according to the FBI. Remington makes the Bushmaster AR-15 rifle that was used in the mass shootings at Sandy Hook Elementary and Marjory Stoneman Douglas High School. The North Carolina–based company has secured financing to continue its operations during bankruptcy, but how it will reorganize and move forward remains unclear.
Read more from The Sift Sign up for The Sift email