The company was founded in 1816 by Eliphalet Remington in Ilion, New York, as E. Remington and Sons. More than 202 years later, a few days ago, Remington Arms Company and Remington Outdoors (includes Marlin and Bushmaster) has filed for bankruptcy protections in the state of Delaware.
The official site of Remington is still proudly stating that “For more than 200 years, Remington firearms have been forged from the untamed spirit that will always define the American spirit — Revolutionizing an industry. Building a nation.”
Representatives of Remington claimed that on Monday the company successfully reached an agreement with its creditors on the restructuring of $700 million of just under one billion dollar debt Remington has accumulated.
Remington CEO Anthony Acitelli said that Remington’s core business is still strong and in the near future they will compete more aggressively to spur revenue growth.
Some analysts claim that this new development can be the consequence of declining gun sales in the United States after the Presidential elections of 2016 among other factors. One could speculate that slowing down firearm sales was one of the consequences of Hillary Clinton losing the presidency and consequently many Americans felt safer.