Remington, one of the biggest and oldest names in the gun industry, is seeking out financiers to help it enter a controlled bankruptcy. The company, headquartered in Madison, North Carolina, owes $950 million in near-term loans and bonds due in two years or less.
Until then Remington will keep their doors open, although they will probably need to take a new approach toward how the company is run. Last year Remington’s gun sales were down by 27 percent for nine months and the company took a $28 million loss overall.
According to multiple reports Remington’s sales are down even though gun sales and background checks continue to boom, with over 2 million background checks run in January 2018 already.
“Historically, January is sluggish, but we were up over 10 percent from last January, so our outlook for the year is bright,” said Justin Anderson, director of marketing for Hyatt Guns. “While sales nosedived last February as the result of the presidential election, we don’t expect the same drop off this year. We are continuing to see new customers buying guns and we expect more new shooters to become customers this year.”
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1 comment:
Remington's decline began well over a decade ago. It was evident to wary Remington customers when the company began licensing its name to some low end sporting goods.
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