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.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up