Remington Is Planning to File for Bankruptcy
Representatives for the Madison, North Carolina-based company and Cerberus didn’t immediately respond to requests for comment.
Remington’s fortunes took a hit along with other gunmakers after the election of Donald Trump, a self-proclaimed “true friend” of the gun industry. Hillary Clinton’s defeat meant customers became less worried about losing access to weapons. Sales plummeted, and retailers stopped re-ordering as they found themselves stuffed with unsold inventory they’d built up in anticipation of a Clinton presidency.
The company’s reputation also has hurt efforts to line up new investors. Remington came under unwanted scrutiny and litigation after the massacre of 20 children and six adults at the Sandy Hook Elementary School in Newtown, Connecticut, in which the gunman carried a small arsenal that included a Remington Bushmaster assault rifle.
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