Remington Reportedly Exploring Debt Restructuring

By Tom Knighton

While the “Trump Slump” may be a myth, the financial woes of the firearm industry aren’t. It seems the industry as a whole is on the precipice of collapse based on the tidbits we get here and there.

The latest example comes from Remington.

Remington Outdoor Company, one of the largest gun makers in the country, has solicited the help of an investment bank on options to re-structure its $950 million debt, sources told Reuters last week.

Remington — facing doubts about its ability to refinance its debt next year amid sluggish sales and loss of investors — has turned to Lazard to examine options for boosting its finances, according to Reuters.

Reported sales for Remington are trailing the year before’s by some $177 million, according to November’s financial filings by the North Carolina-based company, which puts the gun maker at a $60.5 million loss.

Nine months into the year, Remington’s sales fell by 27 percent. In that same timeframe, national gun sales fell by 12 percent. Following the surprising election victory by Donald Trump in 2016, the gun industry as a whole has struggled due to high inventory levels and soft …Read the Rest

Source:: Bearing Arms