Bankruptcy Declared by Gun Company

(Reuters) – Remington Outdoor Co Inc [FREDM.UL], one of the largest U.S. makers of firearms, filed for bankruptcy protection on Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.

Source: Yahoo Finance

On the secretive facebook page, there was talk about the the March for our Lives Protest that happened this weekend (March 24th, 2018). As of Sunday, an old-time gun company just declared bankruptcy for 1 billion dollars. Apparently the process have been going on for much longer than just yesterday (in fact, they mentioned filing bankruptcy in February). However, they officially declared Bankruptcy 24 hours after the Protest.

According to Stephen Jackson, the company’s chief financial officer, the initial cause of the bankruptcy was spurred by the decreased sales throughout the year and how the company was having difficulty meeting requirements from its lenders. But, it makes you wonder if the mass shooting (specifically the protests) have been the cause of this. I saw a counter argument (please don’t quote me on this. I saw it on twitter) that everytime a gun shooting occurred gun sales would increase. However on the other hand this gun company has gone bankrupt possibly because of the lack of firearm shootings.

What guys do you think about this?

-Katelynn DiBiccari

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