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Gunmaker Remington seeks bankruptcy for 2nd time in as many years

Gun maker Remington seeks bankruptcy for 2nd time in as many years
Posted at 11:16 PM, Jul 28, 2020
and last updated 2020-07-28 23:28:40-04

Remington Arms, weighed down by lawsuits and retail sales restrictions following the Sandy Hook school massacre, is seeking bankruptcy protection for the second time in as many years. The nation’s oldest gunmaker listed assets and liabilities of between $100 million and $500 million.

Gun sales have slumped, as they typically do, under a Republican administration, because gun owners are not as compelled to stockpile weapons out of fear that Congress will create tougher gun-control laws.

But the past three years have been particularly volatile, fueled in part by a mass shooting in Las Vegas and other high-profile mass killings that have led retail chains to restrict sales, or removed guns completely from stores.

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