Remington turns to debt restructuring advisors, report says

By Daniel Terrill

A Remington representative waits patiently behind the handgun display for patrons during the opening hours of SHOT Show 2018 in Las Vegas. (Photo: Daniel Terrill/Guns.com)
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 market conditions. Many expected Hillary Clinton to win and prepared for continued politically-driven sales, which they saw throughout the entirety of the Obama Administration.
Although Remington produces guns, ammo and accessories, the

Source: Guns.com