![\"\"](\"https:\/\/www.azuse.cloud\/wp-content\/uploads\/2020\/09\/remington-300x139.png\")
<\/p>\n<\/p>\n
Firearms maker Remington Arms Co. filed for bankruptcy protection for the second time since 2018, weighed down by more debt than it can repay even as Americans buy more guns than ever.<\/p>\n
Remington sought chapter 11 protection and will sell its business at a time when civil unrest and concerns about personal safety have driven firearm sales to record highs.<\/p>\n
5th\/77th FA sends.<\/p>\n
By Peg Brickley<\/strong><\/p>\n Gun maker Remington Outdoor will be broken up and sold after a multiday bankruptcy auction, in which seven different buyers won the bidding for parcels of the company’s weapons and ammunition holdings.<\/p>\n Sales of Remington’s ammunition and weapons manufacturing business, the Remington brand and others will bring in at least $155 million to be applied against the company’s debts.<\/p>\n Lawyers for Remington haven’t responded to requests to comment on the auction results, which were partially revealed Sunday in court filings.<\/p>\n Judge Clifton R. Jessup Jr. has scheduled a Tuesday hearing in U.S. Bankruptcy Court in Decatur, Ala., to consider approval of the auction results.<\/p>\n The auction is the culmination of Remington’s second bankruptcy of recent years. The Huntsville, Ala., company filed for chapter 11 bankruptcy protection in late July, saying it didn’t have the cash to make weapons to satisfy demand for its products.<\/p>\n The COVID-19 pandemic and civil unrest have Americans stocking up on guns and ammunition, but Remington said it was short of funds, despite having erased hundreds of millions of dollars in debt in a 2018 bankruptcy.<\/p><\/blockquote>\n Remington wasn’t well positioned to take advantage of the recent sales surge, making mostly long guns for the hunting market. Pending liabilities have also hurt the company, including safety issues on its 700 series rifles and some shotguns, and the Sandy Hook debacle. In all, a sad day for America’s Oldest Gun Maker.<\/p>\n Read the entire article here: Fox News<\/a><\/p>\n Thanks, Gun Bunny.<\/p>\n","protected":false},"excerpt":{"rendered":"