Remington files for bankruptcy protection
Remington Outdoor Co., the nation's oldest gun manufacturer, said late Sunday that it had filed for bankruptcy protection, CNBC reports. The 202-year-old gun maker saw a sharp drop in sales after the 2016 presidential election, as customers interpreted President Trump's victory as a sign that gun sales would not be restricted so there was no need to stockpile firearms.
Remington's sales fell by more than 30 percent in 2017 to just over $600 million. The company announced the bankruptcy plans in February.
Remington's owner, private equity giant Cerberus, bought up gun companies a decade ago but said it would exit the industry after the 2012 Sandy Hook school massacre, in which one of its rifles was used, CBS News reports.
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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