Gun seller that stocked up anticipating 2016 Clinton victory files Chapter 11

[Yo_Mama_Been_Loggin]

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 Trump’s 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 United’s creditors, Prospect Capital Corp., said mismanagement by Wellspring Capital Management, the company’s 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

[catbyte]

1. ...

Womp womp...

[Initech]

2. Thoughts and prayers!

[Flaleftist]

3. That's so sad

😢😟🙂😀😂🤣

[UpInArms]

4. I bet he voted for tRump

thus, helping to put a nail in his own coffin

[NBachers]

5. So were they joyous when trump w0n, or were they throwing a trump shit tantrum? "I'm fucked!"

[rpannier]

6. So sad

[Beartracks]

7. Can't flog the lie, can't sell the guns.

Without a Democrat in the White House to lie about wanting to "take your guns," these dipshits can't peddle their wares.

Doesn't Trump's crowd know the NRA represents the interests of the gun manufacturers and not the interests of gun owners? They don't scare you into buying a gun to keep your family safe; they scare into buying a gun so that you buy a gun.

=======

[SWBTATTReg]

8. Poor business practices in overstocking inventory in anticipation of increased future sales ...

point to management problems as well. And equity investors who invested/loaned $ to/in the company, then stripped it of assets, and then drove it into bankruptcy...a typical predatory capitalist trick employed by the likes of Romney and others like him.

Ironically serves them right, eating each other. Hopefully the capital investment companies lost money too, as well as the gun seller. Too bad about the job losses though, although, with the tight job markets, these people should be able to find something hopefully.