Gunmaker Remington Files Chapter 11, with DIP Facility from Bank of America

Remington products hangs from the ceiling at Duke's Sport Shop in New Castle Pa

Remington products hangs from the ceiling at Duke's Sport Shop in New Castle Pa

Remington Arms, the oldest gun manufacturer in the USA, has filed for bankruptcy following a 30% drop in gun sales. CNBC is reporting the 202-year-old firm experienced a 30 percent drop in sales during 2017 when compared to 2016 and that its negative cash flow as of March 25 was $7.4 million. "I wanna remain hopeful that the filing is what it says it is, an opportunity to restructure debt and hold off on some creditors while they continue to operate and re-organize".

The North Carolina-based company's court filing is part of a previously announced deal with creditors to reduce its almost $950 million in accumulated debt.

The owners of debt-laden Remington, which has made guns for over 200 years, filed for bankruptcy protection in Delaware, Michigan. Dick's CEO Ed Stack even penned an op-ed in the Washington Post that stated, in part, "It is clear we have a problem with the gun laws in this country".

Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership in the bankruptcy. The young man who killed 20 first-graders and six educators in the Sandy Hook shooting in CT in 2012 used a Bushmaster.

"Remington Arms is an iconic business in our region and has employed generations of families for over two hundred years".

Katie Mesner-Hage, an attorney representing Sandy Hook families in a lawsuit against Remington, said in a prepared statement that she did not expect the gunmaker's bankruptcy to affect their case. Perhaps most significantly, having an National Rifle Association-approved Republican in the Oval Office may have actually hampered gun sales, as the Chicago Tribune has reported.

Remington Outdoors is the oldest firearm manufacturer in the United States.

Leah Barkoukis at Townhall brings us the sad but predicted news that Remington Outdoor Company (better known to most of you shooters as Remington Arms) has filed for chapter 11 bankruptcy protection.

Panic sales that drove revenue for gun makers ever higher evaporated with Trump's arrival in the White House.

According to a recent study by Harvard University and Northeastern University, the number of privately-owned guns in America grew by more than 70 million - to approximately 265 million - between 1994 and 2015.

Area state Assemblyman Marc Butler told WAMC at the time: "This is simply a reaction to a general down turn in the firearms industry".

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