American gunmaker Remington Outdoor Co. is filing for bankruptcy, and analysts have laid fault at the feet of President Donald Trump.
The company traces its roots back to 1816, when Eliphalet Remington II created his first flintlock rifle, and it sold its first rifles to the U.S. military in 1845. But a year under President Trump was apparently too much. Gun sales have slumped with Trump in the White House, not because Trump opposes gun rights, but because he champions them.
With the threat of a Hillary Clinton presidency firmly put to bed, 2nd Amendment enthusiasts no longer felt compelled to buy up as many firearms as possible, hurting gun sales straight across the board.
Remington is owned by Cerberus Capital Management, a private equity firm run by Stephen Feinberg, but Feinberg will lose ownership following the restructuring.
Feinberg tried unsuccessfully to sell Cerberus after the Sandy Hook Elementary School shooting, where a Remington Bushmaster rifle was used in the massacre of children. Remington said its operations "will not be disrupted by the restructuring process."
Though times are tough right now for gun manufactures, Richard Feldman, president of the Independent Firearm Owners Association, remains optimistic:
"I suspect that if the Democrats make a resurgence this November, gun company stocks will come roaring back with them."