BREAKING: America’s OLDEST Gun Makers Just Filed For Bankruptcy… This Is A Sad Day For FREEDOM
Dean James III% AMERICA’S FREEDOM FIGHTERS –
America’s oldest firearms manufacturers, Remington Outdoor Company has filed for bankruptcy protection.
Lawsuits from the Sandy Hook Elementary School shootings in 2012 and a fall in sales has forced Remington to file for Chapter 11.
The actual filing was delayed after the Feb. 14 shooting at Marjory Stoneman Douglas High School in Parkland, Fla. that killed 17 people.
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The Wall Street Journal reported that Remington officials plan to hand over the reins to its creditors in exchange for writing off most of the company’s debt. Cerberus Capital Management LP bought Remington for $118 million in 2007, assuming $252 million in debt in the process.
Fox News reports that Cerberus later formed a holding company called the Freedom Group Inc., consisting of Remington and other firearms manufacturers — including Bushmaster, which Cerberus had purchased in 2006.
The Journal reported that the gun industry is facing low demand and high stock after Donald Trump’s unexpected election to the presidency in 2016. According to the paper, firearms manufacturers boosted output in the run-up to the election, expecting that a Hillary Clinton victory would lead to a boost in sales ahead of tighter gun laws.
In 2016, families of the Sandy Hook victims filed a wrongful-death suit against Remington, claiming that it had negligently marketed “military-style” weapons to younger demographics — namely, 20-year-old Sandy Hook gunman Adam Lanza.
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A trial judge dismissed the initial lawsuit, but the plaintiffs appealed to the Connecticut Supreme Court, which is considering the matter.
Katie-Mesner Hage, an attorney with Koskoff Koskoff & Bieder, which represents Sandy Hook families in their lawsuit against the gun manufacturer said in a statement that “We do not expect this filing to affect the families’ case in any material way.”
Founded in 1816, Remington is America’s oldest gun maker.
From the Remington website:
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“For more than 200 years, Remington firearms have been forged from the untamed spirit that will always define our nation. The proud tradition that began with Eliphalet Remington’s first hand-built rifle in 1816, continues to this day.
Remington innovation is always ahead of its time, as evidenced by our rich history and long line of legendary firearms. The Model 700 and Model 870 have claimed their rightful places among the best-selling firearms of all time.
Today, the Versa Max is quickly becoming the go-to firearm of choice for hardcore waterfowlers and the most demanding 3-gun competitors—an American icon on the rise. And Remington handguns like the Model 1911 R1 and the R51 are reinventing shootability and redefining performance. At our state-of-the-art R&D facility – the Rock – we’re shattering convention and setting the performance standard all others must follow.
As new generations inherit the American sporting heritage, we continue to expand, – building new plants and acquiring new companies to meet the challenge of increased demand. Revolutionizing an industry. Building a nation. Remington Country is, was and always will be bigger than any one place—boundless as the American spirit.”
So we’ll see what happens.
Meanwhile I going to pick up the new 870DM. This shotgun has a detachable magazine- how cool is that?
TOGETHER WE WILL MAKE AMERICA GREAT AGAIN!
Dean James III% AMERICA’S FREEDOM FIGHTERS
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