For two centuries, Remington has been a totem of America’s gun culture -- a name emblazoned on frontier flintlocks and U.S. Army .45s.
Remington Outdoor Co., which traces its history back to 1816, said it would file for bankruptcy protection, reported Bloomberg, succumbing to a slump in business worsened by, of all things, a president who has steadfastly supported Americans’ right to bear arms.
The bankruptcy is a blow to the private-equity mogul Stephen Feinberg, who has been a prominent supporter of President Donald Trump. Feinberg’s firm, Cerberus Capital Management, acquired Remington in 2007 and subsequently saddled it with almost $1 billion in debt. The Chapter 11 bankruptcy filing will let Remington stay in business while it works out a plan to turn around the company and pay its creditors.
Remington has been around for over 200 years, dating back to 1816 when Eliphalet Remington II worked with a local gunsmith to create a flintlock rifle. It received its first contract in 1845, manufacturing 5,000 “Mississippi” rifles for the U.S. military. Today, the company employs 3,500 people and is among the largest American manufacturers of ammunition and firearms.
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