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00:00:00
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SOUND] R
mington is one of the largest and oldest US gun manufacturers, founded in 1816. And on Sunday, the company filed for bankruptcy protection. The filing came a day after massive nationwide protests in the US calling for tougher gun control. Remington was bought by private equity firm, servers capital management in 2007, which transforms the iconic gunmaker into a holding company, renamed the Freedom Group.
00:00:27
It included the brand Bushmaster. Bushmaster manufactured this assault rifle, used by Adam Lancette to murder 22 children and 6 adults in Sandy Hook Elementary in 2012. After that, servers tried to unsuccessfully to sell the company, but gun sales are high during Barack Obama's presidency. Gun advocates claimed that with each successive mass shooting, new restrictions were immanent, and that help spark a rush to gun shops.
00:00:52
Donald Trump's election changed that. The FBI performs background checks for most reported gun purchases, and data from the Bureau of Alcohol, Tobacco, and Firearms shows the number of background checks dropped almost 10% in 2017, Trump's first year in office. The most recent quarterly report from Remington shows net sales down nearly 30% in the first nine months of 2017 compared to the year prior.
00:01:15
In February, the company reached a deal with its lenders to cut its $950 million debt load. Creditors would convert debt into equity, owning a piece of the company. One investor told Reuters he was offered Remington debt for as low as $0.25 on the dollar.