One of the largest gun manufacturers is filing for bankruptcy.
Remington is apparently seeking protection amid heavy debt, slumping sales and lawsuits. Remington Arms’ AR-15 style rifle was used in the Sandy Hook massacre and a Sandy Hook victim’s family sued, arguing they knowingly marketed the AR-15 to vulnerable young men and designed the weapon to deliver maximum carnage. Gun sales are also down substantially since Trump took office, since there is a lack of “fear-based buying” when GOP control congress.
Remington’s bankruptcy filing helps shield them from the lawsuits. More than two dozen lawsuits have been filed against the gun industry by towns trying to cover damages they say are caused by gun violence. The gun industry also struggles to attract new buyers, as half the guns in the nation are owned by only 3% of Americans.
Wedbush Securities Inc. stated, “Gun ownership is becoming increasingly concentrated, with fewer gun owners owning more guns, as guns are primarily marketed to people who already own guns.”
Major movements such as #NeverAgain may also contribute to the gun industry’s falling sales. As more people and movements speak out in favor of gun regulation, hopefully more trends like this one continue to rise.