One of the most familiar names in American guns has filed for bankruptcy. Remington Outdoor sought the protection Sunday amid declining sales and high-profile legal trouble related to the Sandy Hook shooting, reports the Wall Street Journal. One other notable part of the financial trouble: The company would likely be in better shape had Hillary Clinton won the 2016 election, notes CNBC. Sales dropped more than 30% to $600 million in 2017, apparently because buyers were not concerned about tougher gun laws coming into force under President Trump. The company's products include the Bushmaster AR-15 rifle used in the school shooting in Newtown, Conn., in 2012. Several families sued, and the closely watched case has reached the state's Supreme Court.
Remington, which is headquartered in North Carolina, will continue to make guns while under bankruptcy protection, reports CNN. The company has been owned by private equity group Cerberus Capital Management, which bought up Remington, Bushmaster, and other gunmakers about a decade ago and rolled them into a conglomerate called Freedom Group. The New York Times points out that sales boomed initially, with 8.6 million guns made in the US in 2012, up from 3.3 million in 2002, but have since dropped. Remington is now saddled with heavy debt, along with trouble related to its signature weapon, the Model 700 bolt-action rifle, notes CNBC. The company maintains the guns are safe but has agreed to replace the triggers as part of a class-action settlement. (More Remington stories.)
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