Remington files for bankruptcy, falling sales

[jimmy the one]

U.S. gunmaker Remington reaches deal with creditors to file for bankruptcy....
Remington Outdoor Company Inc, one of the largest U.S. makers of firearms, said on Monday it had reached a deal with its creditors to file for Chapter 11 bankruptcy to slash its $950 million debtload

The planned bankruptcy filing follows a decline in sales at the armsmaker, in part because of receding fears that guns will become more heavily regulated by the U.S. government, according to credit ratings agencies.

U.S. President Donald Trump has said he will “never, ever infringe on the right of the people to keep and bear arms.” Since Trump’s election victory in November 2016, American Outdoor Brands Corp has lost almost two thirds of its stock market value, while Sturm Ruger & Company Inc has fallen by a quarter. By comparison, the S&P 500 has increased by a quarter in the same period.

Remington said it will receive $145 million in bankruptcy financing to fund the company through the Chapter 11 process. Remington plans to file bankruptcy in U.S. Bankruptcy Court in Delaware, seeking to write off about $700 million in debt.
https://www.reuters.com/article/us-remingtonoutdoor-bankruptcy/u-s-gunmaker-remington-reaches-deal-with-creditors-to-file-for-bankruptcy-idUSKBN1FW23Q

hahahahahaha!
actually tho, don't know whether to be happy or sad.....
... maybe the nra is getting 'cat scratch fever', over declining gun sales.....

[hack89]

1. Maybe Trump will win a second term

and make you really happy.

[sarisataka]

2. I'm not sure

You need the sarcasm. I don't know about JTO, but there was campaigning in our gun control group for Republicans over good Democrats, such as Sen. Duckworth. If a Trump presidency is bad for guns,it is not difficult to picture support for a second term. Guns,it we were told, are the most important issue and go beyond party.

[friendly_iconoclast]

5. Those posters shared certain (what's the word)...precepts? attributes? Ah, got it: 'values'...

with Republicans- foremost being a willingness to:

[sarisataka]

3. I suppose it depends on your views

If you believe all guns suck I suppose you can be happy, although likely the bankruptcy will not affect their production.

OTH if you consider that Remington sells mostly "traditional" firearms and is struggling, you might be troubled that the trend is towards "modern" style firearms.

[Alea]

4. LOL ok laughing boy

Be sure to check back in next year, or 5, or when you're on your death bed, to see that Remington is still around. They may restructure, they may be bought out again, but the Remington name isn't going anywhere. Heck trump might even bail them out like O did with GM. Now that would be something you could laugh about.

[aikoaiko]

6. With all the clammer for banning guns, the stock prices of arms manufacturers may soar.

What irony.

[Always Right]

7. Bankruptcy isn't the same as out of business

The company filed a Chapter 11 and not a Chapter 7 so it isn't closing the doors or going out of business.

United Airlines, Delta Airlines, and Northwest Airlines have all filed for bankruptcy and are still around.