Oldest American gun manufacturer files for bankruptcy after decline in sales
Remington Outdoor plans to wrap up its bankruptcy as soon as May 3.
A 202-year-old gun manufacturer in the United States, the country’s oldest, filed for bankruptcy on Sunday after a decline in sales. Remington Outdoor’s Chief Financial Officer Stephen Jackson said the firm was finding it difficult to meet the requirements of its lenders, Reuters reported.
Sales of guns in the United States have fallen in the past year as arms enthusiasts do not fear any gun control measures with a Republican president in power, BBC reported. Analysts believe people were buying more guns in the year before the 2016 elections as they feared it might get difficult if Democrat presidential candidate Hillary Clinton came to power.
The gun used in the shooting at an elementary school in Connecticut in 2012, which killed 20 children and six adults, was manufactured by Remington. Family members of victims had then filed a lawsuit against the company.
Remington plans to wrap up its bankruptcy as soon as May 3, according to court papers.
The debate on gun control has reignited in the United States in the wake of a school shooting on February 14 in Parkland, Florida, which left 17 dead. Survivors of the incident organised themselves to push for serious legal developments towards gun control, and have held major marches across the country.
After the incident, retailers Walmart and Dick’s Sporting Goods decided they will not sell firearms to people below 21.