United Sporting Cos. loaded up on guns ahead of the 2016 U.S. presidential election, expecting a surge in sales if a Democrat were elected. Then Hillary Clinton lost.
A display of weapons at the South Florida Gun Show at the Dade County Youth Fairgrounds Fairgrounds in Miami.
The miscalculation sparked a multi-year decline that has reached the courthouse steps in Delaware, where United filed for Chapter 11 bankruptcy on Monday. United, which sells an array of outdoor equipment, is seeking protection from creditors while it sorts out more than $270 million of debt secured by liens on its assets, court papers show. The company, whose subsidiaries include Ellett Brothers and Jerry’s Sports Inc., reported earnings of $4 million on net sales of $557 million last year — well below its average of $885.3 million in sales from 2012 to 2016.
United isn’t the first gun-industry player to run into trouble in recent years. Remington Outdoor Co. filed last year while share prices of peers fell on declining sales.
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