The numbers have indeed dropped, as indicated by FBI firearm background checks. Sales plummeted, and retailers stopped reordering as they found themselves stuffed with unsold inventory." "The company's fortunes took a hit after the election of Donald Trump," Bloomberg wrote, "because Hillary Clinton's defeat erased fears among gun enthusiasts about losing access to weapons. Credit ratings agencies attributed the decline in part to "receding fears that guns will become more heavily regulated."īloomberg, too, noted that Remington's bankruptcy was tied to the vagaries of the nation's gun control debate. Reuters reported the company's sales crashed in 2017, leaving it with a $28 million operating loss. "Difficult industry conditions make today's agreement prudent," said Jim Geisler, executive chairman of Cerberus Capital Management, which acquired Remington in 2007. The company will continue to operate as usual as the case proceeds in Delaware federal court, Remington executives said. 12, said it would file for Chapter 11 bankruptcy.Īs Reuters reported, the North Carolina-based company announced it had reached a deal with creditors to reduce its $950 million debt load, seeking to write off about $700 million. It's against that backdrop that the legendary gun manufacturer Remington on Monday, Feb. Fears of a crackdown have tapered off under a president who called himself a "true friend" of the National Rifle Association.
President Donald Trump's upset over Clinton seems to have helped reverse all that. "Prices will skyrocket after Crooked Hillary gets in." Between December 2015 and December 2016, the FBI reported record numbers of background checks.
One Las Vegas gun store even advertised a "pre-Hillary" sale. That hoariest of right-wing boogeymen - a new Democratic administration hellbent on taking everyone's guns - had returned.
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