Remington: Oldest US gunmaker files for bankruptcy

The oldest gun manufacturer in the US, Remington Outdoor, has filed for bankruptcy in the wake of slumping sales.

The firm, founded more than 200 years ago, filed for bankruptcy protection to cut a deal with its creditors.

Remington’s chief financial officer said the company’s sales dropped significantly in the year before its bankruptcy, court papers show.

The filing comes amid fresh demands for greater gun control in the US.

A shooting at a Florida high school in February has revived the debate on gun control, and on Saturday hundreds of thousands of protesters took to the streets of US cities.

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    Some US retailers have raised the age limit for certain firearms purchases to 21 or stopped stocking semi-automatic weapons.

    The FBI processed a record number of background checks on gun purchases during the election year in 2016, but the rate of background checks plunged following Mr Trump’s election.

    Analysts say more Americans were buying guns two years ago because they feared a possible Hillary Clinton presidency could usher in gun control policies.

    It is thought that gun sales slowed after Mr Trump took office because firearms enthusiasts generally do not fear a Republican president will try to deprive them of their constitutional right to bear arms.

    Remington, best known for its rifles and shotguns, was founded in 1816.

    After it emerged a Remington rifle was used in the 2012 Sandy Hook elementary school shooting, victims’ family members filed a lawsuit against the gunmaker.

    In court papers filed in Delaware, Remington’s chief financial officer, Stephen Jackson, said the company was having difficulty meeting requirements from its lenders as a result of declining sales.

    During the bankruptcy process, the company will stay in business.

    In most US Chapter 11 bankruptcy processes, the debtor proposes a reorganisation plan to maintain its business and pay creditors over a period of time.

Former Blockbuster owner Wayne Huizenga dies at 80

Wayne Huizenga, the former owner of Blockbuster Entertainment and three Florida sports teams, has died at the age of 80.

The college dropout made his fortune in waste disposal, founding Waste Management, now a publicly traded company worth more than $35bn (£24bn).

Mr Huizenga later expanded into car dealerships, hotels and video, turning Blockbuster into a major brand.

He sold Blockbuster to Viacom in 1994 in a deal then-valued at $8.4bn.

“I’d rather build a company than manage one,” he told The Wall Street Journal that year.

Mr Huizenga was born into the garbage business, with a grandfather who founded Huizenga & Sons, a Chicago garbage-hauling company in 1894.

He created Waste Management from a single garbage route in South Florida that he purchased in 1962, transforming it into a global giant through mergers and acquisitions.

He stepped down from the company in 1984, but continued to spot opportunities to build empires in fragmented industries, investing in laundries and bottled water companies.

He invested in Blockbuster in 1987, turning it from a company with less than 20 locations to more than 1,600 less than five years later.

After selling Blockbuster in 1994, Mr Huizenga turned to car dealerships with AutoNation and hotels through Extended Stay America.

He also used his wealth to purchase the Florida Marlins and Panthers as well as the Miami Dolphins sports teams.

Known for a relentless work appetite, Mr Huizenga told reporters that he rarely went to the movies and did not own a video cassette recorder (VCR) when he invested in Blockbuster.

“We get in early, go home late, travel after hours, have meetings on the plane,” Blockbuster’s chief marketing officer told the New York Times in 1991.

“Wayne sets the pace and everybody needs to move at that pace.”

Former Blockbuster owner Wayne Huizenga dies at 80

Wayne Huizenga, the former owner of Blockbuster Entertainment and three Florida sports teams, has died at the age of 80.

The college dropout made his fortune in waste disposal, founding Waste Management, now a publicly traded company worth more than $35bn (£24bn).

Mr Huizenga later expanded into car dealerships, hotels and video, turning Blockbuster into a major brand.

He sold Blockbuster to Viacom in 1994 in a deal then-valued at $8.4bn.

“I’d rather build a company than manage one,” he told The Wall Street Journal that year.

Mr Huizenga was born into the garbage business, with a grandfather who founded Huizenga & Sons, a Chicago garbage-hauling company in 1894.

He created Waste Management from a single garbage route in South Florida that he purchased in 1962, transforming it into a global giant through mergers and acquisitions.

He stepped down from the company in 1984, but continued to spot opportunities to build empires in fragmented industries, investing in laundries and bottled water companies.

He invested in Blockbuster in 1987, turning it from a company with less than 20 locations to more than 1,600 less than five years later.

After selling Blockbuster in 1994, Mr Huizenga turned to car dealerships with AutoNation and hotels through Extended Stay America.

He also used his wealth to purchase the Florida Marlins and Panthers as well as the Miami Dolphins sports teams.

Known for a relentless work appetite, Mr Huizenga told reporters that he rarely went to the movies and did not own a video cassette recorder (VCR) when he invested in Blockbuster.

“We get in early, go home late, travel after hours, have meetings on the plane,” Blockbuster’s chief marketing officer told the New York Times in 1991.

“Wayne sets the pace and everybody needs to move at that pace.”