Firearms maker Remington files for bankruptcy
Remington Outdoor Company, one of America’s oldest gunmakers, has declared bankruptcy for the second time in about as many years with plans to sell its business.
The 204-year-old firearms conglomerate continued to struggle with weak sales after a 2018 restructuring that slimmed down its hefty debt load and handed ownership to some of its creditors, according to its late Monday Chapter 11 filings.
The Alabama-based company settled on selling itself as the best way to keep the business going, Remington CEO Ken D’Arcy said in a court filing. But it entered its latest bankruptcy without a leading bidder after sale talks with the Navajo Nation fell through, according to multiple reports.
Gun sales have reportedly spiked in the US amid the coronavirus pandemic and massive protests against police brutality and racism. But that surge couldn’t save Remington, whose total net sales fell to about $437.5 million last year from more than $865 million in 2016, according to D’Arcy’s filing
