This is one business deal that could prove to be quite interesting if it comes into fruition.
June 26 (Reuters) - Remington Arms Co, America’s oldest gun maker, is preparing to file for Chapter 11 bankruptcy protection that could come as early as Sunday night and is in advanced talks for a sale to the Navajo Nation, according to a source familiar with the matter.
The Native American tribe is planning to vote to approve the deal as soon as Friday, the source said. The tribe previously had bid for Remington, planning to drop its most controversial semi-automatic rifles, the New York Times has reported.
U.S. retailers have placed restrictions on gun sales after school shootings, hurting manufacturers such as Remington. A Remington Bushmaster rifle was used in the Sandy Hook elementary school shooting in Connecticut in 2012 that killed 20 children and six adults, making it central to debates over gun policy.
The gunmaker has filed for bankruptcy before, in March 2018 after sales faltered and the company had trouble meeting requirements of its lenders.I personally don't own any Remington firearms, but I have purchased their cartridges (such as the box of 9mm cartridges shown at top).
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