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NY – INDUSTRY INSIDER – One of America’s Oldest Gun Makers Files for Bankruptcy for 2nd Time

The Remington Arms Company, one of America’s oldest and largest gun manufacturers, filed for bankruptcy protection on Monday after years of litigation and a loss of investors took a heavy toll on its finances. The Chapter 11 filing in the U.S. Bankruptcy Court in Decatur, Ala., is the company’s second restructuring in two years. Remington has been in search of potential buyers and had been in talks with Navajo Nation to acquire it out of bankruptcy, but the negotiations collapsed in recent weeks, leaving the company without a bidder as it goes through reorganization. Remington Arms was founded in 1816 in upstate New York by Eliphalet Remington II, at a time when most guns in America were crude rifles made by heating and hammering iron strips around a metal rod. Remington believed he could build a better gun than he could buy and began making firearms in his father’s forge. Remington’s firearms were used in the Civil War, World War I and World War II, and remain popular for use in shooting sports and hunting and by law enforcement and the military. The filing by the company comes as demand for firearms is down, despite a recent uptick in sales during the coronavirus pandemic. But a slump in gun sales is not what drove Remington to file for bankruptcy,  said Adam Winkler, a professor at the U.C.L.A. School of Law who specializes in gun policy. “Remington’s problem is mostly a problem of Remington mismanagement and not a reflection of larger trends in the gun world,” he said. “I don’t think we’re going to see a whole bunch of gun companies going under now.”   [full article]

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