Remington Gun-Maker Files For Bankruptcy Protection For 2nd Time Since 2018

Enlarge this image

The Remington Arms Company booth at the National Rifle Association annual meeting in Nashville in 2015.

Daniel Acker/Bloomberg via Getty Images

hide caption

toggle caption

Daniel Acker/Bloomberg via Getty Images

Live Updates: Protests For Racial Justice
Amid Protests And Virus Fears, Firearm Background Checks Hit All-Time High

However, Remington’s challenges began long before the recent uptick in gun sales, and its bankruptcy filing appears to have come as talks with a potential buyer fizzled out in recent weeks.

The Wall Street Journal reported the gun-maker had been in «advanced talks to sell to the Navajo Nation, but the talks collapsed.

According to court filings, Remington estimates it has between 1,000 and 5,000 creditors, and lists both its assets and liabilities as between $100 million and $500 million.

Remington’s previous bankruptcy filing came two years ago, during a period of slumping gun sales. As NPR reported in 2018, firearms industry-watchers were observing a downturn they dubbed a «Trump slump — a phenomenon in which sales fall dramatically during administrations perceived to be pro-gun.

Enlarge this image

Bolt action rifles are displayed in the Remington Arms Company booth at the National Rifle Association annual meeting in Nashville in 2015.

Daniel Acker/Bloomberg via Getty Images

hide caption

toggle caption

Daniel Acker/Bloomberg via Getty Images

The Two-Way
Remington Declares Chapter 11 Amid ‘Trump Slump’ In Gun Sales

During its 2018 bankruptcy filing, Remington was allowed to shed $775 million in debt, the New York Times reports. As part of its restructuring, the business transferred ownership to former creditors, including Franklin Templeton Investments and J.P. Morgan Asset Management.