Gun manufacturer Remington Arms is reportedly preparing for another bankruptcy, and is in “advanced talks” to sell to the Navajo Nation.
What are the details?
The Wall Street Journal reported Friday (citing an unnamed sources) that Remington was readying itself for Chapter 11 protection, “and is in advanced talks for a potential bankruptcy sale to the Navajo Nation,” after previously filing just a little over two years ago.
“Despite cutting some $775 million in debt through the 2018 bankruptcy,” the Journal reported, “Remington has continued to face high interest costs and operational issues, and expensive litigation surrounding the 2012 Sandy Hook Elementary School shooting.”
Remington has been in ongoing legal battles for years after a murderer used a Remington-made Bushmaster AR-15 rifle to kill 26 people — including 20 children — at the Sandy Hook Elementary School in Newtown, Connecticut.
The families of the victims sued Remington in 2014 claiming the firearms manufacturer should be held at least partially liable for the massacre because it made and marketed the gun used in the murders. Both sides are currently preparing to go back to court next year, the Stamford Advocate reported.
According to Cam Edwards of Bearing Arms, “Remington’s rumored sale to (the) Navajo Nation could spell big changes for the company.”
Edwards tweeted Friday, “note that in 2018 the Nation tried to purchase the company and said it would end the sale of AR-15’s to consumers, as well as fund ‘smart gun’ research through military and law enforcement sales.”