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IPFS News Link • Business/ Commerce

Gun Seller That Bet Big on Hillary Clinton Getting Elected Goes Bankrupt

• https://www.bloomberg.com By Jeremy Hill

The miscalculation sparked a multi-year decline that has reached the courthouse steps in Delaware, where United filed Chapter 11 bankruptcy on Monday.

When Republican Donald Trump emerged victorious in the election, United posted lower-than-expected sales as well as high inventory carrying costs, Chief Executive Officer Bradley P. Johnson said in a court declaration.

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 LLC and Jerry's Sports Inc., reported Ebitda 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.


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