Oldest US Gun Maker Remington Declares Bankruptcy

The Associated Press reports:

Remington Outdoor Company, the country’s oldest gun maker, filed for bankruptcy protection late Sunday. The company has faced lawsuits after the Bushmaster, an AR-15 style rifle, was used in the shooting that killed 26 people, including 20 first-graders, in the Sandy Hook Elementary shooting in Newtown, Connecticut in 2012.

The company has seen falling sales for years, and the industry overall also saw declines last year. In 2017, firearm background checks, which are used as a barometer of gun sales, declined faster than they have since the FBI began compiling the data 20 years ago.

The BBC reports:

Some US retailers have raised the age limit for certain firearms purchases to 21 or stopped stocking semi-automatic weapons. The FBI processed a record number of background checks on gun purchases during the election year in 2016, but the rate of background checks plunged following Mr Trump’s election.

Analysts say more Americans were buying guns two years ago because they feared a possible Hillary Clinton presidency could usher in gun control policies. It is thought that gun sales slowed after Mr Trump took office because firearms enthusiasts generally do not fear a Republican president will try to deprive them of their constitutional right to bear arms.

From the right wing Townhall:

The move was reportedly to occur last month but the filing was delayed after the mass shooting at Marjory Stoneman Douglas High School on February 14, which killed 17 people. According to The Wall Street Journal, a number of factors have contributed to the Chapter 11 filing, including falling sales, a heavy debt load, and lawsuits from the Sandy Hook school shooting.

The 2012 mass shooting severely impacted Remington as the gunman used one of the company’s Bushmaster rifles, leading to a class action wrongful death lawsuit. Nine families of the victims allege Remington is “liable for producing and selling a weapon unfit for civilian use,” the Wall Street Journal reports. The parties are awaiting the Connecticut Supreme Court’s decision on the matter.