The company filed Monday in the US Bankruptcy Court for the Northern District of Alabama. This is the second time in two years that the firearms manufacturer has filed Chapter 11, which it had already filed in March 2018.
And in July 2020, the Wall Street Journal reported, citing people familiar with the matter, that discussions to sell Remington to the Navajo Nation were interrupted.
The filing comes despite firearm dealers across the country reporting an increase in sales, citing the riots that followed the police brutality protests in support of George Floyd and calls to disburse the police as Catalysts, according to arms industry analyst Rob Southwick, founder of the market. research firm Southwick Associates Inc.
Remington was founded in 1816 in New York by Eliphalet Remington II. That makes him decades older than competitors Colt’s Manufacturing and Smith and Wesson.
According to the company’s history, Remington II “crafted his first rifle barrel in his father’s forge, and took it to Utica to be manufactured by a local gunsmith in a flintlock rifle.” That was the beginning of a business that led him to forge and sell his rifles to gunsmiths across the country.
– Ariane de Vogue, Chauncey Alcorn, and Aaron Smith contributed to this report.
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