Remington Files For Bankruptcy Day After Teens March For Their Lives

Remington Files For Bankruptcy Day After Teens March For Their Lives

The Bushmaster AR-15 rifle was used in the Sandy Hook shooting in CT in which 20 first-graders and six educators were killed in 2012.

Initially, Remington's sales rose under Cerberus amid a dramatic surge in total gun sales in the US.

The company was founded in Ilion, N.Y.m by Eliphalet Remington in 1816 and maintains its factory there.

America's oldest gun manufacturer, Remington, has officially filed for bankruptcy.

Remington, a company that began making flintlock rifles when there were only 19 United States, has filed for bankruptcy protection.

There is a renewed push for gun control, led by a movement of students, after 17 people-many of them children-were shot dead by Nikolas Cruz at Marjory Stoneman Douglas High School in Parkland, Florida, on Valentine's Day. Inc. on Sunday filed its anticipated Chapter 11 plan in DE bankruptcy court, saying an unexpectedly slack market for firearms in 2017 left it unable to keep up with the demands of its more than $1 billion in debt. It's owned by Cerberus Capital Management, which plans to shed ownership once the bankruptcy is complete.

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It is thought that gun sales slowed after Mr. Trump took office because firearms enthusiasts generally do not fear a Republican president will try to deprive them of their constitutional right to bear arms.

Retailers, including Walmart and Dick's Sporting Goods, reacted to the shootings with restrictions or elimination of gun sales. This is likely due to President Donald Trump taking the White House.

In 2017, firearm background checks, a good barometer of sales, declined faster than in any year since 1998, when the Federal Bureau of Investigation first began compiling that data. "This 3% of the population owns half of the civilian guns in the USA", reports Youyou Zhou for Quartz.

Profit growth at Sturm, Ruger & Co.is under severe pressure and the company's shares are down 18 percent this year.

"The firm rolled it up with other gun manufacturers, including the maker of the Bushmaster rifle, into a conglomerate called Freedom Group", writes Matthew Haag for the New York Times.

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