US Major Company Remington Files Bankruptcy Twice, Then Splits into 7 Parts for Sale

[Asia Economy Reporter Jeong Hyunjin] Remington Outdoor, a U.S. firearms company with over 200 years of history, is scheduled to be sold off in seven separate divisions, the Wall Street Journal (WSJ) reported on the 27th (local time).

WSJ cited auction documents filed with a court in northern Alabama, stating that seven companies including Vista Outdoor and Roundhill Group were selected as winning bidders in the auction to divide and sell Remington's businesses and brands. A court hearing to review the approval of the auction results is scheduled for the 29th.

Remington filed for bankruptcy protection in July. This was the second bankruptcy filing following one in 2018. After a mass shooting at Sandy Hook Elementary School in Connecticut in 2012, where 20 students and 6 teachers were killed using Remington rifles, retailers imposed restrictions on firearm sales, causing Remington to face financial difficulties.

WSJ reported that although demand for guns has increased due to the COVID-19 pandemic and growing public anxiety, Remington, which had previously filed for bankruptcy protection once and had its debt reduced by hundreds of millions of dollars, is still short on funds.

Founded in 1816, Remington is currently headquartered in Madison, North Carolina, producing rifles including military models and hunting shotguns. According to Bloomberg, last year's sales were $437.5 million, about half of what they were three years ago.

This content was produced with the assistance of AI translation services.