Gun Shop Famous for Signs Avoids Foreclosure, Plans to Open Massive Ammo Factory near Houston
The fortunes of Tactical Firearms in Texas seems to have changed rapidly. The gun shop, which is famous for its ever changing, snarky, and sometimes brash political signs outside the store, sent out a press release in June stating that they may be shut down to due to a dispute with their bank, which manages the operation’s multi-million dollar business loans.
According to My Fox Houston,
It is complicated to explain how a company could narrowly avoid foreclosure, and then announce a major new business venture, especially to hear that Tactical Firearms filed for Chapter 11 bankruptcy on June 27th. Tactical Firearms bank, ICon Bank wasn’t threatening foreclosure because of non-payment of debt. ICon Bank tells Fox-26 it needed Tactical Firearms to consolidate 3 short term loans into a single long term loan.
Alcede opposed it, and says the bank wouldn’t accept a cash payment of those loans, so he took legal measures to keep his business running. A Chapter 11 filing allowed that and protected it from negative action from creditors, while giving it time to restructure company debt.
Apparently, one of the reasons the company has such deep loans is that it has been planning to open a massive ammunition company for the last year. After getting out of the woods financially (for the moment), the shop made the announcement about the ammo plant.
The final location of the plant has not been determined yet, but it will likely be in the greater Houston area. Alcede says he has been in touch with Governor Rick Perry and Texas lawmakers about the plant. The Texas government has been encouraging new and existing companies in the gun industry to setup shop in Texas for some time now.
The plant will produce upwards of 1 million rounds of ammunition per day and employ around 350 people according to Alcede.
No word on if the new plant will be producing .22LR en masse.