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GET FOX BUSINESS ON THE GO BY CLICKING HERE Gun stores, which have largely stayed open during the Covid-19 pandemic, are selling to many first-time buyers worried about personal safety over the civil unrest that followed the killing of George Floyd in police custody and the ensuing movement to reduce police funding. Background checks in June for civilians seeking licenses to carry guns were the highest since the FBI began conducting them 20 years ago. Sales softened after President Trump took office pledging to defend gun rights.ĭemand has skyrocketed again since March as measured by Federal Bureau of Investigation background checks, a proxy for sales. Under former President Obama, firearm sales grew as enthusiasts worried about potential regulations. The industry's fortunes tend to rise and fall based on the country's political climate. RECORD NUMBER OF AMERICANS TRY TO BUY GUNS Meanwhile, gun-control activists have put pressure on investors and retailers to reconsider their ties to the firearms industry, particularly following the 2018 school shooting in Parkland, Fla. GUN SALES SOAR 145% IN JUNE AMID PROTESTS, CORONAVIRUS PANDEMICĭespite shedding roughly $775 million in debt in 2018, the company has struggled with high interest costs and has faced litigation related to the 2012 Sandy Hook Elementary School massacre, in which the killer used a Bushmaster rifle manufactured by Remington. In this Mafile photo, the Remington name is seen etched on a model 870 shotgun at Duke's Sport Shop in New Castle, Pa. The manufacturer's firearms and ammunition businesses could be sold off separately, according to a person familiar with the matter. Remington has been searching for potential buyers and was in talks to sell itself out of bankruptcy to the Navajo Nation before negotiations collapsed in recent weeks, leaving the company without a lead bidder, or stalking horse, in place. THESE STATES SELL THE MOST GUNS IN THE US
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Bankruptcy Court in Decatur, Ala., marks Remington's second restructuring since 2018, when it filed for chapter 11 and transferred ownership to investors including Franklin Resources Inc. Remington, which supplies weapons for hunting, shooting sports, law enforcement and the military, sought chapter 11 protection and will try to sell its business at a time when civil unrest and worries about personal safety have driven firearm sales to record highs. filed for bankruptcy protection for the second time since 2018, weighed down by more debt than it can repay even as fearful Americans buy more guns than ever.