Gun maker files for bankruptcy protection: report

By artappraiser on Mon, 03/26/2018 - 4:13am |

Remington Outdoor Co., a major U.S. gun manufacturer, reportedly filed for chapter 11 bankruptcy protection on Sunday. The company, which is facing mounting debt and lawsuits related to the Sandy Hook Elementary School shooting, announced last month that it would file for bankruptcy, but delayed doing so after the Florida high school shooting in February, according to the Wall Street Journal.

“We do not expect this filing to affect the families’ case in any material way," an attorney representing Sandy Hook families in their suit against the manufacturer said in a statement to The Hill.

Remington reportedly plans to hand over control of the company to its creditors [.....]

URL:

http://thehill.com/blogs/blog-briefing-room/380230-gun-maker-files-for-bankruptcy-protection-one-day-after-march-for

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Another victim of vulture capitalism

https://www.bloomberg.com/news/articles/2018-03-26/cerberus-s-remington-gunmaker-seeks-bankruptcy-shield-from-debts

by rmrd0000 on Mon, 03/26/2018 - 5:00pm

I heard it on NPR a couple hours ago, the incredible number, mentioned in your link:

New York-based Cerberus acquired Remington in 2007 and saddled it with almost $1 billion in debt.

The NPR piece made one vey interesting point that it is generally taken as a given by the business world that gun makers have downturns during periods when the GOP is in power nationally and do decent business when Democrats are in power. That gun owners buy more guns when Dems are power with the simple fear that they might not ever be able to buy them again, while when the GOP is in power, there is not this feeling of the need to rush to buy or desire to stockpile.

by artappraiser on Mon, 03/26/2018 - 8:12pm

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