Remington Arms declares bankruptcy for the second time
On Monday, Remington Arms Co. filed for bankruptcy protection for the second time since 2018 as the U.S. firearms manufacturer faced financial difficulties due to gun sales restrictions.
According to the court filing, the company filed for bankruptcy protection at the U.S. Bankruptcy Court in Northern District of Alabama. Remington Arms Co. declared its assets and liabilities worth $100 Million to $500 Million.
“You’ll probably hear about it before I do that we are the plant to close or downsize. It would be a major hit to our economy since we are the country’s biggest employer,” Remington’s Commissioner Raymond Johnson said.
Remington went bankrupt in February 2018 due to overstocked gun dealers and too much debt.
“The coronavirus has also hurt the company. Their business hasn’t been all that bad except that coronavirus has kept them from getting supplies that they need to build guns,” New York State Rifle and Pistol Association’s President Tom King stated.