Remington Outdoor, one of the oldest gun manufacturers in the country, has filed for bankruptcy after experiencing a slump in sales some are attributing to the Trump presidency.
The company, which was founded in 1816 and remains one of the largest producers of guns in the country, filed for Chapter 11 bankruptcy protection Sunday. According to NPR, the company had been experiencing financial difficulties for some time. But Remington’s chief financial officer said in the filing that over the past 12 months, the company’s sales fell off dramatically because gun enthusiasts were not concerned that any gun control legislation would pass during the Trump era, according to USA Today.
A pattern of declining sales during Republican administrations and increased demand for guns during Democratic administrations has long been observed, though there are no federal statistics for gun sales.
A private equity firm acquired Remington Outdoor in 2007. According to the New York Times, at that time, the demand for guns was high, and the gunmaker flourished. Remington took a hit in 2012, when the gunman in the Sandy Hook Elementary School mass shooting was found to have used a Remington AR-15-style rifle, according to the Times, and families of the victims sued the company. Some investors then divested, according to the Times, before sales once again boomed as buyers fretted about the possibility of gun control measures in the wake of the tragedy.
According to the Times, once Trump was elected, Remington’s sales decreased by more than 27 percent—the “Trump slump.” It will continue to operate while under bankruptcy protection.