Remington files for bankruptcy, cites decline in sales

[jimmy the one]

U.S. gunmaker Remington reaches deal with creditors to file for bankruptcy....
Remington Outdoor Company Inc, one of the largest U.S. makers of firearms, said on Monday it had reached a deal with its creditors to file for Chapter 11 bankruptcy to slash its $950 million debtload

The planned bankruptcy filing follows a decline in sales at the armsmaker, in part because of receding fears that guns will become more heavily regulated by the U.S. government, according to credit ratings agencies.

U.S. President Donald Trump has said he will “never, ever infringe on the right of the people to keep and bear arms.” Since Trump’s election victory in November 2016, American Outdoor Brands Corp has lost almost two thirds of its stock market value, while Sturm Ruger & Company Inc has fallen by a quarter. By comparison, the S&P 500 has increased by a quarter in the same period.

Remington said it will receive $145 million in bankruptcy financing to fund the company through the Chapter 11 process. Remington plans to file bankruptcy in U.S. Bankruptcy Court in Delaware, seeking to write off about $700 million in debt.
https://www.reuters.com/article/us-remingtonoutdoor-bankruptcy/u-s-gunmaker-remington-reaches-deal-with-creditors-to-file-for-bankruptcy-idUSKBN1FW23Q

hahahahahaha!
actually tho, don't know whether to be happy or sad.....