Since that shooting, there has been an increase in calls for more gun control. That report, and Remington's restructuring plan, came before the most recent mass shooting in the United States, a February attack at a Florida high school that left 17 people dead. It also discussed various government proposals to increase gun regulations, warning that if they were to become law "the cost to the company and its customers could be significant."
In this Thursday, March 1, 2018, photo Remington rifle ammunition is shown at Duke's Sport Shop in New Castle, Pa. In 2013, it reported more than $1.2 billion in total sales.Ī February document describing the restructuring plan estimated sales will rebound in the coming years, returning to more than $800 million by 2021.Ī company report released in October of last year said the decline was due to a number of factors, including "reduced consumer demand and excess inventories," as well as changes in buying behaviors and a rise in imported products. The company is one of the largest firearms makers in the United States and has been in business for 200 years.īut its sales have been slumping, dropping from $865 million in 2016 to $602 million last year.
Remington's filing listed both its debts and assets between $500 million and $1 billion.
The company filed its petition for the so-called Chapter 11 bankruptcy Sunday, six weeks after announcing an agreement to reduce its $950 million in debts while transferring ownership. firearms and ammunition manufacturer Remington has filed for bankruptcy protection in order to reorganize its operations and put in place a debt reduction deal with its creditors.