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Mon Jun 10, 2019, 09:15 PM

Guns Gun dealer who bought extra guns in case Hillary Clinton won in 2016 goes bankrupt

A gun seller who stocked up on inventory in case Hillary Clinton won the 2016 election has filed for Chapter 11 bankruptcy, Bloomberg reports.

United Sporting Cos. thought that a Clinton victory would result in a surge in demand. But after Donald Trump won in 2016, the company was left with the costs of a huge amount of unsold inventory.

Bloomberg reports that the company filed for Chapter 11 this Monday in order to protect itself from bill collectors, as it’s currently $270 million in debt. Sales reportedly started to drop off in 2018, according to court filings by CEO Bradley P. Johnson.

According to one of United’s creditors, Prospect Capital Corp., mismanagement by Wellspring Capital Management, the company’s largest equity owner, is to blame for the decline.

From Bloomberg:

A few years ago, United was the largest distributor of firearms in the U.S., according to the objection. But Wellspring “cashed out” more than $183 million through dividend recapitalization deals in 2012 and 2013, then appointed fiduciaries who “grossly mismanaged the business and depleted all reserves necessary to weather the storms and the headwinds the business would face,” the dissenting lenders said.

Bloomberg points out that United isn’t the first firearms company to run into financial trouble as of late. Remington Outdoor Co. went bankrupt last year, along with Gander Mountain Co. and AcuSport Corp. Dick’s Sporting Goods Inc. has stopped selling firearms altogether.

https://deadstate.org/gun-dealer-who-bought-extra-guns-in-case-hillary-clinton-won-in-2016-goes-bankrupt/?fbclid=IwAR1nIrDbu9VnXoFdzvv4DY1kSJJdc1bM53xQ9lG5Pa44Motc71xJWviObFk

8 replies, 622 views

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Reply Guns Gun dealer who bought extra guns in case Hillary Clinton won in 2016 goes bankrupt (Original post)
CatWoman Jun 10 OP
bearsfootball516 Jun 10 #1
badhair77 Jun 10 #2
Initech Jun 10 #3
struggle4progress Jun 10 #4
JDC Jun 10 #5
CentralMass Jun 10 #7
rickford66 Jun 10 #6
NickB79 Jun 11 #8

Response to CatWoman (Original post)

Mon Jun 10, 2019, 09:23 PM

1. Womp womp

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Response to CatWoman (Original post)

Mon Jun 10, 2019, 09:33 PM

2. Well that's a damn shame. This guy seems like he has a degree in

business from trump university. He’s as successful as trump as a businessman.

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Response to CatWoman (Original post)

Mon Jun 10, 2019, 09:35 PM

3. Thoughts and Prayers

Also, Clinton Derangement Syndrome. So...

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Response to CatWoman (Original post)

Mon Jun 10, 2019, 09:42 PM

4. "We think hundreds of law-abiding citizens could stockpile guns and ammo until they finally snap"

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Response to CatWoman (Original post)

Mon Jun 10, 2019, 09:43 PM

5. Dumbass. Would not be surprised to read about embezzlement

As part of this story in the future.

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Response to JDC (Reply #5)

Mon Jun 10, 2019, 10:04 PM

7. You beat me to it.

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Response to CatWoman (Original post)

Mon Jun 10, 2019, 10:00 PM

6. If they want to sell guns, why not back Democrats ?

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Response to CatWoman (Original post)

Tue Jun 11, 2019, 12:31 AM

8. Correction: Dicks Sporting Goods has not stopped selling guns

They've just stopped selling assault rifles. The Dicks in the mall has plenty of shotguns and deer rifles.

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