America’s Oldest Gun Maker From NY Files For Bankruptcy
America's oldest gun manufacturer that has a corporate headquarters in Ilion, New York recently filed for Chapter 11 Bankruptcy.
Remington Arms Co LLC is the oldest gun manufacturer in America. It was founded by Eliphalet Remington II in 1816 as just a rifle barrel maker but quickly grew to be a giant in the gun industry. They arguably make the best pump shotgun on the market. The Model 870 pump shotgun is used by hunters, law enforcement and military forces for several different all around the world. You'd think that making the best product on the market would be an unbeatable strategy but there's just one problem with making guns that can last 100 years. If no one ever needs to buy a new one you're sales may decrease.
Remington was also has been in a negative light from citizens demanding stricter gun control since a Remington rifle was used in the Sandy Hook massacre according to ABC.
Was this really the cause for the filing or were their sales already falling?
According to an article from the Washington Post, gun ownership faced a 30 year slow decline that led to the lowest numbers ever in 2016. However, the numbers are increasing again as of 2017 but wasn't enough to save Remington.
Will you be surprised to see more firearm manufactures go broke in years to come?