Remington, one of the oldest gun manufacturers in the country, has filed for bankruptcy protection.
The Associated Press reports a decrease in gun sales as well as debt to lenders are to blame for the company’s slow demise. Despite a spike in production and the release of a new 12 gauge on Monday (Mar. 26), the company still filed Chapter 11 to reduce it’s debt by $700 million.
Interestingly enough, the decision to go bankrupt is occurring less than a year after President Donald Trump assured the National Rifle Association that he was a “true friend and champion” of the gun industry. Remington employs approximately 3500 men and women but it’s not yet clear what’ll happen to them.
Remington’s most popular gun and one of the best-known in the world, the AR-15, drove their revenue. But purchases have been on the decline since the Sandy Hook shooting in Connecticut. The shooter used the Bushmaster AR-15 rifle and killed 20 first-graders and six school staff members. Although the company’s name was cleared in relation to the crimes, they are still in limbo with the state Supreme Court.
Despite the presence of the second amendment, Trump was the first president since Ronald Reagan to openly address and support the NRA, a move that 45 was proud of. One of the first gun manufacturing companies having filed for bankruptcy is ironic to say the least.