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Why did a $154 billion CEO just endorse stripping most Americans of voting rights—and taking us back to the 19th century?

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Why did a $154 billion CEO just endorse stripping most Americans of voting rights—and taking us back to the 19th century?

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New York City women are making up to $30,000 per month by renting out their closets to strangers

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The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'
Retailgun debate

Walmart to stop selling assault rifles

Phil Wahba
By
Phil Wahba
Phil Wahba
Senior Writer
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Phil Wahba
By
Phil Wahba
Phil Wahba
Senior Writer
Down Arrow Button Icon
August 26, 2015, 1:06 PM ET
Photograph by Scott Olson—Getty Images
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Walmart (WMT) will stop selling AR-15 assault rifles as well as other modern sporting rifles because of lower consumer demand for those weapons rather than for political reasons, the company said on Wednesday.

The world’s largest retailer will replace rifles, which are sold at about one third of its U.S. stores, with shotguns and other hunting weapons. Quartz reported the news earlier.

“There wasn’t a whole lot of demand for those products so we replaced them with products we have seen customers coming into purchase it,” Walmart spokesman Kory Lundberg told Fortune. Within the next two weeks, MSRs (modern sporting rifles) shouldn’t be in any more Walmart stores.

Walmart, the single largest seller of guns and ammunition, has often come under criticism from gun control advocates for selling these items, particularly after high profile incidents such as the 2012 massacre of school children in Newtown (where the killer used an AR-15), Connecticut.

The move by Walmart comes as firearms makers struggle with declining sales: Remington Outdoor Group last week reported that its sale of firearms fell 13.3% in the first half of the year, while Smith & Wesson’s overall sales saw a 12% drop. Sales often spike when gun enthusiasts believe there will be tighter gun laws put in place, then often slip when those concerns pass.

About the Author
Phil Wahba
By Phil WahbaSenior Writer
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Phil Wahba is a senior writer at Fortune primarily focused on leadership coverage, with a prior focus on retail.

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