U.S. gunmaker Remington files for bankruptcy again
1 hour ago
JACKSON FILE PHOTO: Gun enthusiasts inspect Remington shotguns during the annual National Rifle Association (NRA) convention in Dallas, Texas
(Reuters) - Remington Arms Co on Monday filed for Chapter 11 bankruptcy protection for the second time in two years as the U.S. gunmaker faced financial troubles partly because some retailers placed restrictions on gun sales after school shootings.
The gunmaker has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy court for Northern District of Alabama, according to the court filing.
In the filing, the company listed its assets and liabilities both in the range of $100 million to $500 million.
The gunmaker has filed for bankruptcy before in 2018 after sales faltered and the company had trouble meeting requirements of its lenders. It exited bankruptcy protection the same year under the ownership of its creditors.
U.S. retailers have placed restrictions on gun sales after school shootings, hurting manufacturers such as Remington. A Remington Bushmaster rifle was used in the Sandy Hook elementary school shooting in Connecticut in 2012 that killed 20 children and six adults, making it central to debates over gun policy.
Remington has been trying to dismiss a lawsuit filed by the families of the victims related to the marketing of the company's guns. It is scheduled to go on trial next year.
With all due respect, the purpose of posting this article was to enable your one sentence commentary at the end?
As to the quality of the article, Remington is not filing bankruptcy due to lack of penetration of the ever expanding market in Mexico or because a "bushmaster" was used in a massacre (driving lawsuit). Remington is filing bankruptcy primarily due to substandard product in a highly commoditized and growing market in the US. Inability to compete. Check recent gun sales data.
Full disclosure: I don't own Remington product, however when my father passes I will inherit an octagon barrel Remington Model 12
The pop rationalization for all things violent in Mexico is a couple of Texas/Arizona gun dealers gone wild. The same logic implies that if the damn Colombians would just stop making cocaine, the damn Americans would just stop snorting it. Markets drive demand.
Again, this is respectfully posted. With that said, I personally appreciate BB for the subset of well researched and insightful posts on the thread.
This is a politically charged topic I now realize after my sarcastic comment.My apologies and for setting the record straight about their poor quality.Your comparison to if the Columbians didn't produce well we wouldn't have a drug problem.....well I got it MM.And for the record,I have shot a gun more than once.
No apology needed. Friendly debate on the hard topics is good so please don't take offense. I hurt for the good people of Mexico. I don't have good answers and maybe have some poorly informed opinions in regard to solutions. BB is an outlet I have followed for years because there is much great information here.