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Mon Jun 10, 2019, 10:29 PM

Gun seller that stocked up anticipating 2016 Clinton victory files Chapter 11 [View all]

A gun seller that stocked up assuming a Hillary Clinton victory ahead of the 2016 election filed for Chapter 11 bankruptcy this week, according to Bloomberg.

United Sporting Cos., which sells various outdoor equipment in addition to guns, banked on a Clinton victory to drive a surge in demand, but President Trumpís win left it with high carrying costs for unsold inventory and sales below expectations, according to a court declaration by CEO Bradley P. Johnson.

United filed for Chapter 11 bankruptcy on Monday to protect itself from creditors, according to Bloomberg. The company has $270 million in debt and reported a steep drop in net sales in 2018, going from an average of $885.3 million from 2012 to 2016 to $557 million last year, according to the publication.

In an objection to the filing, one of Unitedís creditors, Prospect Capital Corp., said mismanagement by Wellspring Capital Management, the companyís largest equity owner, was to blame for the decline, according to Bloomberg.

https://thehill.com/blogs/blog-briefing-room/447815-gun-seller-that-stocked-up-anticipating-2016-clinton-victory-files

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Reply Gun seller that stocked up anticipating 2016 Clinton victory files Chapter 11 [View all]
Yo_Mama_Been_Loggin Jun 10 OP
catbyte Jun 10 #1
Initech Jun 10 #2
Flaleftist Jun 10 #3
UpInArms Jun 11 #4
NBachers Jun 11 #5
rpannier Jun 11 #6
Beartracks Jun 11 #7
SWBTATTReg Jun 11 #8