Author Topic: Remington, the oldest U.S. gunmaker, files for bankruptcy amid declining sales  (Read 586 times)

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Remington, the oldest U.S. gunmaker, files for bankruptcy amid declining sales
By Amy B Wang and Derek Hawkins
March 26

Remington Outdoor, one of America's largest and oldest firearms manufacturers, filed for bankruptcy on March 25. (Reuters)

The company had seen a year’s worth of slumping sales and could not meet requirements from its lenders, Remington chief financial officer Stephen Jackson said in documents filed in the U.S. Bankruptcy Court for the District of Delaware, Reuters reported.

The filing was not entirely a surprise. The company had announced on Feb. 12 that it had reached a deal with creditors to write off about $700 million of its $950 million debt load. Though it was on its way to Chapter 11, Remington’s executives predicted the gunmaker would persist “now and long into the future.”

“We have an outstanding collection of brands and products, the unqualified support of a vibrant community across the industry, and a deep and powerful culture,” Remington CEO Anthony Acitelli said at the time. “We will emerge from this process … to compete more aggressively and to seize future growth opportunities.”

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