Remington Outdoor gunmaker filed for babkruptcy protection


Remington manufactures its products in seven different facilities in the U.S., and delivers its products throughout the U.S. and about 52 countries around the globe.The company has more than $1bn (£700m) in debt, piled on under owner Cerberus Capital Management during a decade of acquisitions.The company’s sales dropped significantly in the last year, about half what the firm netted in 2013.. Some US retailers have raised the age limit for certain firearms purchases to 21 or stopped stocking semi-automatic weapons. Remington has had plenty of problems of its own making, including errors in financial statements and faulty products before.


The company will stay in business. Under new owners, Remington is to continue operating. Analysts say more Americans were buying guns two years ago because they feared a possible Hillary Clinton presidency could usher in gun control policies. But gun sales slowed after Mr Trump took office. A lawsuit against the gunmaker was filed by families of victims after the Sandy Hook elementary school in 2012.


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