How America’s Oldest Gun Maker Went Bankrupt: A Financial Engineering Mystery
The news spread around Huntsville, Ala., in the winter of 2014. Remington, the country’s oldest gun maker, had decided to expand from its historic home in upstate New York to a gigantic former Chrysler factory near the airport. Workers at the new plant, the company said, would earn a minimum average of $19.50 an hour assembling shotguns, pistols, hunting rifles and AR-15-style semiautomatics. The city’s mayor wrote in a newspaper column that he was thrilled that Remington’s quest for a new factory space had ended in Huntsville. He calculated the typical annual salary as $42,500.