Remington Announces Bankruptcy as Lawsuit Goes to Court
They bit the bullet. Remington Outdoor is filing for bankruptcy to ditch $700 million in debt after a dip in U.S. gun sales, which analysts blame on the White House’s pro-gun stance: Sales of firearms boomed during President Obama’s tenure, as citizens stockpiled in case of gun law changes. The drop could turn around if Democrats triumph in midterm elections. But the bankruptcy could still jeopardize a class action lawsuit, set to be heard today in circuit court, over Remington’s allegedly defective bolt-action rifles.