Remington files for bankruptcy, cites decline in 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.....

[Aristus]

1. If it means fewer guns, I'm cool with that.

Bye-bye, death merchants...

(Yes, I know they manufactured primarily bolt-action rifles and hunting pieces. Don't care. A gun is a gun.)

[lapfog_1]

2. I believe that this has more to do with the anticipated $800M

settlement over the Sandy Hook massacre.

I think Lawrence O'Donnell mentioned this last night.

[SunSeeker]

5. That wasn't the only lawsuit against Remington for a shitty product.

I think Remington's decline is, in part, a reflection of the 'Trump slump,'" Adam Winkler, a professor of law at UCLA and author of the book "Gunfight: The Battle over the Right to Bear Arms in America," told ABC News.

But Winkler said Remington's financial woes are also tied to a class-action lawsuit over defective parts in the company's most popular firearms, including its iconic Model 700 rifle. As part of a settlement approved in March 2017, Remington agreed to replace the triggers for free in more than 7.5 million guns.

Remington's reputation also took a hit when loved ones of those killed in the 2012 Sandy Hook, Connecticut, school massacre, filed a class action suit charging the company's marketing of its Bushmaster AR-15 assault rifle, the firearm used by the killer, was responsible for the shooting. A judge threw out the suit in October 2016, ruling the company had immunity under a law passed in 2005, but the Connecticut Supreme Court is considering an appeal by the families.

http://abcnews.go.com/US/trumps-election-partly-responsible-legendary-gunmakers-demise-experts/story?id=53056490

I sure hope the Sandy Hook families win their appeal. The PLCAA should be repealed regardless. That 2005 law is an abomination, shielding gun manufacturer corporate malfeasance.

[Hoyt]

3. As long as it hurts a bunch of racist gun-profiteers, I'm happy.

[Va Lefty]

4. Gee, guess they weren't coming for their guns after all