Remington Arms declares bankruptcy despite surging gun demand – By Andrew Scurria (The Wall Street Journal) / July 28 2020
Civil unrest, worries about personal safety have driven firearm sales to record highs
Firearms maker Remington Arms Co. filed for bankruptcy protection for the second time since 2018, weighed down by more debt than it can repay even as fearful Americans buy more guns than ever.
Remington, which supplies weapons for hunting, shooting sports, law enforcement and the military, sought chapter 11 protection and will try to sell its business at a time when civil unrest and worries about personal safety have driven firearm sales to record highs.
The chapter 11 petition in the U.S. Bankruptcy Court in Decatur, Ala., marks Remington’s second restructuring since 2018, when it filed for chapter 11 and transferred ownership to investors including Franklin Resources Inc. and JPMorgan Chase & Co.
Remington has been searching for potential buyers and was in talks to sell itself out of bankruptcy to the Navajo Nation before negotiations collapsed in recent weeks, leaving the company without a lead bidder, or stalking horse, in place.
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