Credit ratings agencies attributed the decline in part to “receding fears that guns will become more heavily regulated.” FBI firearm background checks also reflected the dip. Reuters reported that Remington’s sales crashed in 2017, leaving it with a $28 million operating loss. Fears of a crackdown have tapered off under Trump, who called himself a “true friend” of the National Rifle Association. “Prices will skyrocket after Crooked Hillary gets in.” Between December 2015 and December 2016, the FBI reported record numbers of background checks.ĭonald Trump’s upset win over Clinton seemed to help reverse all that. One Las Vegas gun store even advertised a “pre-Hillary” sale. That hoariest of right-wing boogeymen - a new Democratic administration hellbent on taking everyone’s guns - had returned. President Barack Obama had stoked similar fears by proposing to expand federal background checks.
Firearm purchases soared during the run-up to the 2016 election: Hillary Clinton was favoured to win, and an array of gun-rights advocates warned of a looming Second Amendment crackdown. Remington’s woes reflect a sharp change in the gun industry over the past year. The news service said it was unclear if any creditors had changed their minds about the debt-restructuring deal after the Parkland shooting. Meanwhile, Remington’s creditors will exchange their debt holdings for equity, according to Reuters. In the bankruptcy, Cerberus Capital Management, a private equity firm that acquired Remington in 2007, will lose its ownership of the company. “We will emerge from this process … to compete more aggressively and to seize future growth opportunities.” “We have an outstanding collection of brands and products, the unqualified support of a vibrant community across the industry, and a deep and powerful culture,” Remington CEO Anthony Acitelli said at the time. students demanding gun control fill the streets of Washington Stoneman Douglas student who attended Toronto’s march against gun violence is grateful for international supportĪ fake photo of Emma González went viral on the far right, where Parkland teens are villains Though it was on its way to Chapter 11, Remington’s executives predicted the gun maker would persist “now and long into the future.” 12 that it had reached a deal with creditors to write off about $700 million of its $950 million (U.S.) debt load. Bankruptcy Court for the District of Delaware, Reuters reported.
The company had seen a year’s worth of slumping sales and could not meet requirements from its lenders, Remington chief financial officer Stephen Jackson said in documents filed in the U.S. Remington Outdoor Company, the oldest firearms manufacturer in the United States, filed for bankruptcy protection Sunday, after months of declining gun sales and amid renewed protests against gun violence.