No more Bushmaster AR-15? Gun manufacturer Remington files for bankruptcy protection

Ann Santiago
Марта 27, 2018

Just one day after Remington announced in February that it planned to file for bankruptcy protection, a gunman stormed Marjory Stoneman Douglas High School in Parkland, Florida, with an AR-15 assault rifle and killed 17 people.

The company has existed for more than 200 years.

The iconic brand has a long and storied history as an economic anchor in the central NY community where it was founded, and as a critical arms supplier through several major wars.

Remington's most popular gun and one of the best-known in the world, the AR-15, drove their revenue. Cerberus Capital Management LP, the private equity firm that owns Remington, tried to sell the company after that shooting and failed to find an interested buyer. However, the company has no plans to stop making guns, Remington confirmed Monday morning following the formal bankruptcy announcement.

"From 1945 to about 9/11 (2001), the gun industry was a 3-million-to-6-million-unit-per-year business in the United States", Rafn said.

Though Trump briefly hinted that he might take a stricter stance on gun rights after the Parkland tragedy - even chiding senators for being "afraid of the NRA" - the president toned down his push for more aggressive gun control after meeting privately with NRA officials.

Blame for the gun maker's fall is being cast on a dramatic drop in firearms sales since Donald Trump was elected president.

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American Outdoor Brands Corp., the parent of Smith & Wesson, M&P and Thompson/Center Arms, again reduced its guidance for the year due to ongoing challenges in firearms.

"We have an outstanding collection of brands and products, the unqualified support of a vibrant community across the industry, and a deep and powerful culture", Remington CEO Anthony Acitelli said at the time.

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.

Dionisio said firearms retailers and distributors had stocked up on rifles before the election because they expected Trump's Democratic opponent, Hillary Clinton, to win.

Remington also struggled with public perception since the Sandy Hook attack in 2012, when a shooter used a Bushmaster rifle (manufactured by a company owned by Remington) to kill 20 elementary school students and six adults.

Some investors decided after Sandy Hook that they wanted nothing to do with the Remington.

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