Mead Industries Inc. Files for Chapter 11 Bankruptcy Amidst Declining Firearms Industry Sales

The petition lists over $7.1 million in assets and over $6.4 million in debts, with creditors including Best Hemp Inc., Hiawatha National Bank, and FNBO. This filing follows a national trend of declining revenue in the firearms industry. Firearms sales declined 4.1% to approximately 14.6 million units in 2025, compared to over 15.2 million units in 2024. In the first quarter of 2026, new firearm unit sales declined by 7.6% year over year, while revenue declined by 2.6%. However, average selling prices increased by 5.4%. Other companies in the firearms sector have also faced financial distress. White Oak Armory LLC filed for Chapter 11 bankruptcy on August 24, 2026, owing a disputed tax debt to the Tennessee Department of Revenue. Hutco Corporation also filed for Chapter 11 bankruptcy on July 10, 2026, to reorganize its business while facing multiple civil claims. Custombilt Firearms Manufacturing LLC also filed for Chapter 11 bankruptcy in February 2026.