Remington has new owners and a new outlook on the future.
Though Donald Trump's presidency has brought many good things for sportsmen and outdoor enthusiasts, firearm sales across the country have slowed since the election. Easing fears around gun control have allowed firearm sales to slip, and companies such as Remington have felt the full effect.
Leading up to the election, firearm sales were skyrocketing based primarily on concerns that a Hillary Clinton presidency would strangle the firearm industry. With that fear subsiding, so have gun purchases. Along with fewer gun sales comes lower revenue for firearms manufacturers. Earlier this year, the gun-making giant filed for Chapter 11 bankruptcy. And now that the dust has settled, there are new plans for a new future.
Remington is the owner of a number of outdoor brands. You've likely heard of a few of them. Included in the organization's portfolio are brands like Bushmaster, DPMS/Panther Arms, H&R, Marlin, Dakota Arms, Parker, Storm Lake and Tapco, just to name a few.
"It's morning in Remington country," CEO Anthony Acitelli said in an official statement.
That morning he speaks of includes new ownership. Debtors now own the entire company. All shares of common stock issued prior to the bankruptcy have been cancelled. Along with the cancellation, Remington has converted more than $775 million in debt into equity for lenders.
A new board of directors will also be appointed.
Acitelli continued by saying, "We are excited about the future--producing quality products, serving our customers, and providing good jobs for our employees."
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