After the outside lender backed out of the $100 million loan, Remington got financing on better terms from its term-loan lenders and secured noteholders, according to the filing. It announced its initial debt restructuring on February 12, and the Parkland school shooting two days later only made things more hard. The company said operations "will not be disrupted by the restructuring process" and added that it plans to continue paying its vendors and employees while under bankruptcy protection.
The company listed assets in the range of $500 million to $1 billion and liabilities in the range of $500 million to $1 billion.
Industry observers have dubbed the current downturn in sales the "Trump slump".
With Trump an avowed gun rights supporter boasting of warm ties with the National Rifle Association, gun enthusiasts slowed purchases, causing a glut.
The election eased fears regarding gun control efforts.
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Nixon said the only way to deal with a bully is to stand up and "send a message loud and clear that you will not be bullied". Cuomo's spokesperson claimed that the governor was "poking fun at himself and one long time friend who was in the audience".
Remington is facing several legal battles as well. "What Remington could be hoping is, if they settle then no court ruling would be issued and they wouldn't have to worry about an unfavorable ruling that could impact gun companies across the country or at the very least send the case back to the state court and allow discovery to begin, which they also don't want", Feldman said. Remington's sales reportedly took a significant negative turn after the massacre and the company still faces a lawsuit filed by family members of the victims.
In bankruptcy court documents, representatives for the company said Remington ramped up its firearms production in 2016 to meet an expected increase in demand in 2017, but that never materialized.
A likely buyer for Remington is someone who invests family money and does not need to answer to investors, the partner said.
Remington has not responded to an Observer request for comment.
Dick's Sporting Goods announced it would stop selling assault-style weapons and high-capacity magazines following the tragedy in Parkland, Fla., and the company also stopped selling guns to anyone younger than 21. The company now expects sales in the range of $650 million and $675 million for its fiscal year ending April 30, 2018, GAAP EPS between 33 cents and 43 cents a share and non-GAAP EPS between 57 and 67 cents a share.