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Article Date: June 2019
Word Count: 694

Ellett Brothers Files for Chapter 11, Citing Industry Conditions


One of the industry’s largest distributors of outdoor products filed for bankruptcy protection in Delaware listing estimated assets of $10-50 million and estimated liabilities of $100-500 million, and the initial petition forecast that there will be no distribution to unsecured creditors after administrative expenses who are owed an estimated $40.9 million. In its affidavit detailing the reasons for the filing, Ellett noted its heavy leverage from its private equity owners combined with the downturn in gun sales following the 2016 election and retail consolidation in the Cast & Blast industry that further flooded the market with closeouts were major factors ... Log in to view full article.

 


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