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Home / Business / As Spike sells weapons in the United States, Remington is handling bankruptcy cases: NPR

As Spike sells weapons in the United States, Remington is handling bankruptcy cases: NPR



Remington Arms booth at the National Rifle Association’s annual meeting in Nashville in 2015.

Daniel Acker / Bloomberg via Getty Images


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Daniel Acker / Bloomberg via Getty Images

Remington Arms booth at the National Rifle Association’s annual meeting in Nashville in 2015.

Daniel Acker / Bloomberg via Getty Images

Remington Arms has filed for bankruptcy on Monday in a federal court in Alabama, as it seeks to restructure for the second time since 2018 amid current legal and financial challenges.

The 204-year-old American arms maker, among the most famous brands of firearms, is applying for Chapter 11 at a time when heightened concerns over the coronavirus pandemic, economic slowdowns and protracted national protests following the assassination of George Floyd have led to record high arms sales. USA.

In fact, the FBI reported that in June, it conducted 3.9 million background checks on firearms – proxies for the sale of weapons. This overshadowed a previous record in March of 3.7 million criminal checks to see if a gun could be legally owned or purchased.

However, Remington’s problems began long before the recent development of gun sales, and it seems that his filing for bankruptcy came as a negotiation with a potential buyer in recent weeks.

Wall Street reported that the gun manufacturer was conducting “extensive negotiations” to sell the Navajo nation, but the talks failed.

According to the court, according to Remington, he has between 1,000 and 5,000 creditors, and his assets and liabilities are listed between 100 and 500 million dollars.

Remington’s previous bankruptcy declaration came two years ago, during a period of gun sales. As reported by NPR in 2018, firearms observers observed what they called the “fall of Trump” – a phenomenon in which sales fell sharply during administrations perceived as a pro-gun.

Combat rifles are on display at the Remington Arms Company booth at the National Rifle Association’s annual meeting in Nashville in 2015.

Daniel Acker / Bloomberg via Getty Images


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Daniel Acker / Bloomberg via Getty Images

Combat rifles are on display at the Remington Arms Company booth at the National Rifle Association’s annual meeting in Nashville in 2015.

Daniel Acker / Bloomberg via Getty Images

There was also a time when gun security advocates stepped up pressure on retailers and investors to distance themselves from the industry, following the 2018 Valentine’s Day shooting at Parkland Park, Florida, a high school that killed 17 students and staff.

The Supreme Court ruling in 2019 allowed the families of those killed at Sandy Hook Elementary School in Newtown, Connecticut, to file a lawsuit against Remington. The families claim the company is responsible for the deaths of the victims, as the manufacturer and seller of the Bushmaster-style rifle used in the 2012 massacre, which killed six adults and 20 children.

Remington was allowed to pay $ 775 million in debt when he filed for bankruptcy in 2018, according to the New York Times. As part of the restructuring, the business transferred ownership to former creditors, including Franklin Templeton Investments and JP Morgan Asset Management.


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