Wednesday, February 16, 2022
Dam Has Broken
Remington Arms settlement for $73 million with the families of nine victims in the Sandy Hook Elementary School shooting is a breakthrough and a PR and marketing disaster for the company. For too long, gun manufacturers hid behind the Second Amendment and advertised weaponry that had no useful purpose in hunting or sports shooting. They resisted lawsuits and like the tabacco business seemed untouchable. Now, the dam has broken and there will be more legal challenges until AR15-style weapons are removed from the market. It will deeply hurt the consumer weapons business, which is a niche already in the marketplace. Arms manufacturing will need to take a new road for financial health and build reserves for payouts to victims of shootings. It's a difficult position to be in, but the industry did it to itself.
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