Huntsville Remington operations to continue following bankruptcy, leaders say

Huntsville Remington operations to continue following bankruptcy, leaders say

Remington's bankruptcy filing, which the company had already said it would pursue, fits that trend.

This is just the latest blow for a company whose sales have been declining for years, leaving them with between $100 million and $500 million in debt.

The iconic brand has a long and storied history as an economic anchor in the central NY community where it was founded, and as a critical arms supplier through several major wars. That's typical for gun makers, which tend to perform better when Democrats are in power.

Remington was founded in 1816 in NY by Eliphalet Remington II.

The company's owner, hedge-fund Cerberus Capital Management reportedly intends to sell the company off once its debts have been successfully restructured. The company made its first rifle in 1816 and went on to supply the US military during both world wars.

The filing will allow the 200-year old company to reduce its debt by $700 million and contribute $145 million to its subsidiaries. "We will be positioned to grow our business, continue to innovate and introduce new products, to expand our partnership with new and existing customers, and to capture opportunities in new markets", Anthony Acitelli, Remington's chief executive officer, said in a statement released Monday.

Poisoned agent sought pardon from Putin
He also asked to be allowed to return to Russian Federation because he wanted to see his mother, brother and other relatives. Russian Federation responded by expelling its own diplomats and shutting down the British Council cultural organisation.

The ironic effect of having a pro-Second Amendment president in office is that people aren't so anxious about having their firearms seized, so they won't be in as much of a rush to run out and purchase new weapons.

Publicly traded competitors like American Outdoor Brands, Sturm Ruger and Vista Outdoor, have all reported massive declines in sales this year.

"I still think Remington's bankruptcy is not only reflective of the overall downturn in the firearms market over the past 16 months, but also the particular difficulty that producers of modern sporting rifles have been seeing during this same time", he added.

It filed papers in the bankruptcy court of DE last week, after suffering crippling publicity in the wake of the Sandy Hook shooting. The timing seems like a flawless reaction to the recent backlash for the school shooting at Stoneman Douglas High School, but the cause is more likely Donald Trump. Historically, gun sales spike on the election of candidates hostile to gun ownership and who want to see tougher legislation. It also manufactures rifle and shotgun ammunition. The young man who killed 20 first-graders and six educators in the Sandy Hook shooting in CT in 2012 used a Bushmaster.

Some investors decided after Sandy Hook that they wanted nothing to do with the Remington.

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