Most of the companies that are filing for bankruptcy took on way too much debt-the interest and principal payments are a fixed cost that must be paid regardless of sales.
Sometimes the best thing that can happen to a company is chapter 13 to lose the debt, then sell to a PE firm that will make the hard decisions and turn it around. That is painful but the status quo isn’t working, and it’s not the market.
I’d be interested in seeing their debt to earnings ratio compared to Ruger, Rock Island, SIG Sauer. No one can afford Akin, Gump or their capital i”investment” bankers!