Remington Outdoor, the nation’s oldest gun maker announced that they are filing for Chapter 11 bankruptcy protection. For those keeping score at home, that’s the one where they get to reorganize their debts but will ultimately keep operations running for the time being. Remington looks to reduce some $700M in debt and add $145M in capital.
Sadly, Remington is the company who made the Bushmaster AR-15 style rifle used in the Sandy Hook elementary school shooting in 2012. Although they were cleared of any wrongdoing the association alone has been enough to cause a sales decrease.
Contrary to what one might think, Trump’s appointment as President has actually hurt gun makers bottom line. Background checks, a great barometer for measuring gun sales have decreased since the Donald took over. People always want what they can’t have …
Water Cooler Talking Point: “I think it’s fascinating that gun sales actually drop when a proponent is in office. The fear of not being able to buy guns makes people want to buy more guns. If only I could make my boss fear paying me more …”