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One of America's Largest Gun Manufacturers Just Declared Bankruptcy
27 March 2018, 06:56 | Lionel James
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It has been common for gun sales to increase under Democratic regimes and ebb under Republican regimes due to perceived likelihood of gun control measures.
Madison, North Carolina-based Remington told investors on March 23 that it had negative operating cash flow of $7.4 million.
Remington first announced that it would file for bankruptcy protection on February 12, but the Parkland shooting two days later in which 17 people died may have delayed the proceeding.
In court papers filed with the U.S. Bankruptcy Court in Wilmington and obtained by SGB Media, the company plans to exit bankruptcy proceedings as soon as May 3.
Federal Bureau of Investigation statistics show firearm background checks spiked in the last months of the 2016 presidential campaign rising from 1.87 million in May, when Trump was trailing Clinton, to 2.56 million in November, the month Trump was elected.
Remington will continue to operate while it pursues Chapter 11 bankruptcy protection, an action that allows ailing companies time to come up with a reorganization plan to stay afloat, and to pay off company creditors. Meanwhile, Remington's creditors will exchange their debt holdings for equity, according to Reuters.
In this January 15, 2013, file photo, accessories manufacturer Kevin Kao, of Irvine, Calif., examines a military grade Remington Adaptive Combat Rifle at the 35th annual SHOT Show in Las Vegas.
It also faced political and financial backlash after the Sandy Hook shooting in CT left 20 first-graders and six educators dead in 2012. About a week after the shooting in Parkland, BlackRock said it wanted to speak with the three firearms makers about their responses to the tragedy.
Remington has also been hit with lawsuits from individuals claiming some guns are defective; the company has voluntarily recalled some of its models. The company has been fighting slumping sales for years, and although there are upticks in gun sales after every mass shooting, those bumps haven't been enough to keep them afloat. That is partially because a larger percentage of guns in the US are owned by an increasingly small group of people.
The election of Trump-who pitches himself as a friend of gun owners-was actually bad for business. The company now expects sales in the range of $650 million and $675 million for its fiscal year ending April 30, 2018, GAAP EPS between 33 cents and 43 cents a share and non-GAAP EPS between 57 and 67 cents a share.
Some of Wall Street's heaviest hitters are stepping into the national debate on guns.
BlackRock is a major shareholder in gunmakers Sturm Ruger, American Outdoor Brands, and Vista Outdoor Brands.
The firm is also looking into creating new investment funds that exclude gun makers and retailers.
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