Gun Manufacture Files for bankruptcy

The fact is After Obama's Election, from 2009 to 2017 gun sales soared because the lobbying arm of gun manufactures the NRA convinced poor, ignorant gun owners that Obama would take their guns away so they stockpiled amazing amounts of guns, in fact, 3 percent of gun owners own 50 percent of all guns

Remington Outdoor Co., the nation's oldest gun manufacturer, said late Sunday that it had filed for bankruptcy protection, CNBC reports. The 202-year-old gun maker saw a sharp drop in sales after the 2016 presidential election, as customers interpreted President Trump's victory as a sign that gun sales would not be restricted so there was no need to stockpile firearms.

Remington's sales fell by more than 30 percent in 2017 to just over $600 million. The company announced the bankruptcy plans in February.

Remington's owner, private equity giant Cerberus, bought up gun companies a decade ago but said it would exit the industry after the 2012 Sandy Hook school massacre, in which one of its rifles was used, CBS News reports. Harold Maass

Remington Outdoor Company — the gunmaker that manufactured the rifle used in the 2012 mass shooting at Sandy Hook Elementary School and one of the oldest gun suppliers in the United States — filed for Chapter 11 bankruptcy protectionSunday.

 

Remington saw sales decline by 27% in the first three quarters of 2017, Reutersreported, amounting to a $28 million operating loss. But the manufacturer‘s financial woes have been an issue since well before 2017, and the company isn’t the only gunmaker in America experiencing difficulties in a climate of inconsistent sales and declining stock prices.

 

Sturm Ruger, the company that makes the AR-15-style weapon used in a 2017 Texas church shooting, reported a double-digit sales decline at the end of the same year. And stock prices have dropped in the past 12 months for two other gunmakers: Vista Outdoor and its parent company, American Outdoor Brands, maker of the Smith and Wesson weapon used in mass shootings in Aurora, Colorado; San Bernardino, California; and Parkland, Florida.

 

Why is this happening? It is true that as public sentiment turns strongly against the gun industry, retailers have begun restricting sales of guns, and the government spending bill contains new gun control provisions. But the decline in sales has occurred over a longer term. Perhaps most significantly, having a National Rifle Association-approved Republican in the White House may have actually hampered gun sales, as the Chicago Tribune has reported. Following most mass shootings during Barack Obama’s presidency, gun rights groups would gin up fear of looming executive action on gun control, motivating firearm enthusiasts to buy more guns.

 

Now, with Republicans in control of the White House and both chambers of Congress, that legislative threat is absent — and gun sales have taken a significant tumble.