Economy

Last Shot: Long-Time US Gun-Maker Remington Goes Bankrupt

Last Shot: Long-Time US Gun-Maker Remington Goes Bankrupt

Cerberus had unsuccessfully tried to sell up after a Remington Bushmaster rifle was used to kill 26 people, including 20 children, in the Sandy Hook school massacre of 2012.

It filed papers in the bankruptcy court of DE last week, after suffering crippling publicity in the wake of the Sandy Hook shooting.

Privately held Remington Outdoor announced in mid-February that it had negotiated a restructuring deal with its major creditors and would file a prepackaged Chapter 11 reorganization plan.

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Dowd's resignation itself came less than two weeks after Trump named him in a tweet and claimed "I am VERY happy with my lawyers". Special Counsel Robert Mueller has been investigating the Trump campaign for months.

It also faced political and financial backlash after the Sandy Hook shooting in CT left 20 first-graders and six educators dead in 2012. Fading sales and Remington's production of one of the most well-known weapons in the world, the Bushmaster AR-15, have overwhelmed the Madison, North Carolina, company. Some gun-rights advocates have binged on guns on the misguided belief that a Democratic administration would harshly restrict gun sales. The company has been sued by family members of the Sandy Hook victims.

"Adding to Remington's problems are heavy debt, as well as product liability concerns involving its signature product, the Model 700 bolt-action rifle, which CNBC first investigated in 2010", CNBC's Scott Cohn reports.

Since the US Presidential election, the gun sales have declined majorly and overall h slowed.

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But I realize that these are memories that our young people will have that they will cherish for the remainder of their lives. LEONARD HAMILTON: Yeah, we didn't have any more timeouts left. "I said we're shooting 33 percent", Beilein said.

While Remington maintains that the guns are safe, the company has agreed to replace the triggers on millions of guns in a class action settlement. Bloomberg has cited a research study conducted by Harvard and Northeastern universities that concluded that about half the guns in America are owned by only 3% of the adult population, with an average of 17 firearms each.

In 2015, Colt Holdings Co., another storied gun maker, filed for Chapter 11 bankruptcy. Soon after, "Cerberus dropped plans for an initial public offering of what was then known as the Freedom Group". Minimum age to buy guns have raised to 21.

The firm is also looking into creating new investment funds that exclude gun makers and retailers.

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But he signed it this one time because of the need for military spending increases. He added that Democrats are using DACA recipients "for their own purposes".


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