Via NY Post:
Bankrupt gunmaker Remington Outdoor will split up its business and sell the pieces to seven different buyers following a bankruptcy auction, court records show.
The biggest sale will go to Minnesota-based Vista Outdoor, which said it will pay $81.4 million for Remington’s brand and trademarks along with parts of its ammo and accessories business including an Arkansas ammunition factory.
Other buyers include outdoor-gear retailer Sportsman’s Warehouse, which will acquire the Tapco brand of gun parts and accessories, and Nevada-based gunmaker Franklin Armory, which is snapping up Remington’s Bushmaster rifle brand, records show.
The sales are expected to bring in at least $155 million that will be applied to Remington’s debts, The Wall Street Journal reported. The company filed for bankruptcy in July as it struggled with weak sales after a 2018 restructuring that slimmed down its hefty debt load.
It’s unclear how the proposed sales will affect a lawsuit Remington is facing over its marketing of the Bushmaster rifle, which was used in the 2012 mass shooting at Sandy Hook Elementary School in Connecticut, according to the Journal.