Remington Outdoor Company has officially filed for bankruptcy since suffering sales and a lawsuit from the 2012 Sandy Hook School shooting.
According to reports, Remington plans to hand it all over to its creditors with the hopes of writing off most of their debt. Cerberus Capital Management LP bought Remington for $118 million in 2007, assuming $252 million in debt in the process.
Remington was founded in New York in 1816 but is now based out of North Carolina. The company who bought it, Cerberus Capital Management, created a holding company, Freedom Group, who rolled it into other manufacturers it had acquired.
According to NY Times: “After 20 children and six adults were killed in 2012 at Sandy Hook Elementary School in Newtown, Conn., public outrage zeroed in on Remington after the authorities reported that the gunman had used an AR-15-style rifle made by the company. Families of the Sandy Hook victims sued Remington, saying the manufacturer of the military-style assault rifle used by the gunman bears some responsibility for the attack.”
Sandy Hook was tragic but I still don’t understand the logic of suing gun makers, or fighting the NRA, when someone does something like this. I probably never will. What do you think?
As reported by Fox News:
In 2016, families of the Sandy Hook victims filed a wrongful-death suit against Remington, claiming that it had negligently marketed “military-style” weapons to younger demographics — namely, 20-year-old Sandy Hook gunman Adam Lanza.
A trial judge dismissed the initial lawsuit, but the plaintiffs appealed to the Connecticut Supreme Court, which is considering the matter.
Katie-Mesner Hage, an attorney with Koskoff Koskoff & Bieder, which represents Sandy Hook families in their lawsuit against the gun manufacturer said in a statement that “We do not expect this filing to affect the families’ case in any material way.”
Founded in 1816, Remington is America’s oldest gun maker.