For two centuries, it has been a totem of America’s gun culture — a name emblazoned on frontier flintlocks and U.S. Army .45s.
But on Monday Remington Outdoor Co., which traces its history back to 1816, said it would file for bankruptcy protection, succumbing to a slump in business worsened by, of all things, a president who has steadfastly supported Americans’ right to bear arms.
The bankruptcy is a blow to the private-equity mogul Stephen Feinberg, who has been a prominent supporter of President Donald Trump. Feinberg’s firm, Cerberus Capital Management
, acquired Remington in 2007
and subsequently saddled it with almost $1 billion in debt. The Chapter 11 bankruptcy filing will let Remington stay in business while it works out a plan to turn around the company and pay its creditors.
Source: Remington Is Planning to File for Bankruptcy | Bloomberg