Wow, it looks like Remington is totally boned.

Following the spate of mass shootings over the last several months, it has become clear that Congress and the Trump Administration have no plans to enact new gun control regulations. That might be welcome news for gun enthusiasts, but it’s actually a bad omen for gun manufacturers.

Indeed, this morning, Remington Outdoor disclosed a dramatic plunge in earnings for the third quarter of 2017. Adjusted EBITDA fell by 78% year-over-year to $7.4 million, on net sales of $154 million, down 30%.

The “Trump Slump” in gun sales has had a punishing effect on the stocks of US-based firearms manufacturers. Publicly-traded Sturm Ruger & Co and American Outdoor Brands have shed 27% and 43% in market capitalization, respectively, since mid-June, as consumer urgency to stockpile has receded under the unified Republican-led administration and Congress.

But the stakes are arguably higher for Remington, since its highly levered balance sheet means it has a much smaller cash flow buffer to help absorb declines. Remington, also known as Freedom Group and taken private by Cerberus Capital Management in 2007 for $370 million, is likely to burn cash this year thanks to its high interest costs. That in turn will make it difficult to refinance its debtload, which has ballooned to $964 million and is scheduled to mature across 2019 and 2020.

I’m glad Remington is suffering now, in 2007 they bought Marlin and in 2011 they shut down production in North Haven Connecticut and moved it to Kentucky. Remington fired all the old union machinists without realizing that the true manufacturing settings and specs had all been kept in their heads and had purposefully never been written down, which resulted in fucking up the entire line of what had previously been the best lever action rifles a person could buy.