Remington, One of America's Oldest Gun Makers, Files for Bankruptcy

Remington, one of nation's top gunmakers, files for bankruptcy

The Bushmaster AR-15 rifle was used in the Sandy Hook shooting in CT in which 20 first-graders and six educators were killed in 2012. That's typical for gun makers, which tend to perform better when Democrats are in power.

It also faced political and financial backlash after the Sandy Hook shooting in CT left 20 first-graders and six educators dead in 2012.

The company's biggest creditors are Pension Benefit Guaranty Corporation and The Marlin Firearms Company Employees' Pension Plan.

Remington, based in North Carolina, has been making various handguns, rifles and shotguns since 1816.

Remington representatives did not return messages from CNNMoney, and the National Shooting Sports Foundation, the gun industry group, declined to comment on the bankruptcy.

In the bankruptcy, Cerberus Capital Management, a private equity firm that acquired Remington in 2007, will lose its ownership of the company.

There is a renewed push for gun control, led by a movement of students, after 17 people-many of them children-were shot dead by Nikolas Cruz at Marjory Stoneman Douglas High School in Parkland, Florida, on Valentine's Day.

Records from the bankruptcy court of the district of DE show that the company filed late Sunday.


A Superior Court judge in Bridgeport dismissed the lawsuit in 2016, agreeing with attorneys for Remington that the lawsuit "falls squarely within the broad immunity" provided to gun manufacturers and dealers by the federal Protection of Lawful Commerce in Arms Act, or PLCAA.

The ironic effect of having a pro-Second Amendment president in office is that people aren't so anxious about having their firearms seized, so they won't be in as much of a rush to run out and purchase new weapons.

The industry has been hurt by another trend: A large percentage of guns in the US are owned by an increasingly small group of people.

The news service said it was unclear if any creditors had changed their minds about the debt-restructuring deal after the Parkland shooting.

The election of Trump-who pitches himself as a friend of gun owners-was actually bad for business.

"We are confident that we will continue our long-held leadership position in the sporting goods industry and that we will persevere to remain in the company of the most venerated, respected, and admired brands and companies in the United States".

It's also looking into creating new investment funds for investors that exclude firearms makers and retailers.

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