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REMINGTON FILED FOR BANKRUPTCY
Remington, whose weapons were used on many historical fronts from the US Civil War to World War II, filed for bankruptcy.
Yazar: Tom Roberts
Yayınlanma: 28 Temmuz 2020 21:10
Güncellenme: 14 Mayıs 2024 11:37
REMINGTON FILED FOR BANKRUPTCY
Remington, one of the largest and oldest weapons manufacturers in the USA, filed for bankruptcy. According to the news in the New York Times, the company has been in talks with potential buyers for some time to avoid bankruptcy. Negotiations with Navajo Nation have not been agreed. Thereupon, an application was made to the Alaska Decatur Court for the postponement of bankruptcy for a two-year structuring process.
Demand for firearms dropped during the Corona virus outbreak. However, according to Professor Adam Winkler, this is not the reason why Remington went bankrupt. "Remington's problem is not changing trends in the world of weapons," Winkler said. The problem of the company is poor management. I do not think there will be many arms companies that will resort to postponing bankruptcy due to the epidemic. ”
SCHOOL ATTACK IN 2012 BECOMES A TURNING POINT
Remington's troubles date back to 2007. At that time, the company was bought by Cerberus Capital. In the early years, things were going well in Remington. However, everything changed with an armed attack at Sandy Hook Primary School in Newtown in 2012. The killer, who killed 20 children and six adults, used Bushmaster, Remington's AR-15 rifle.
After the incident, the company met with great public reaction. Remington was forced to pay compensation as a result of lawsuits filed by the victims' families. Investors stayed away due to the negative image on the company. The debt has accumulated over the years. Another school attack in Parkland in 2018 increased the pressure on gun manufacturers. Large investors have moved away from the sector completely.
For the first time in its 204-year history, Remington filed for bankruptcy in 2018 because it was unable to pay $ 950 million in debt. Remington's management was then switched to creditors Franklin Templeton Investments and JP Morgan Portfolio Management. However, when Remington could not recover in the past two years, he had to apply for bankruptcy once again.
The company was founded in 1816 in New York by Eliphalet Remington II. Remington believed he would make a better weapon than he bought, and started production in his father's forge. Remington weapons were used in the US Civil War, World War I and World War II. It became one of the popular brands for the army.
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