CHAPIN, S.C. — A business that’s been in Chapin for over 80 years will be closing its doors.
Ellett Brothers, a firearm distribution company, has been in this community since 1933.
The Chapin plant is owned by United Sporting Companies, which filed for bankruptcy.
United Sporting Companies says they wrongly anticipated an increase in sales after the 2016 Presidential Election.
The company sent a letter to the South Carolina Department of Employment and Workforce that they would be closing the plant by August 5th.
As a result, over 170 people will lose their jobs.
Town of Chapin Mayor, David Knight, says the company was one of the town’s largest employers and a significant contributor to the Town’s business license revenue.
"Our hearts go out to all the employees and families that will be impacted," said Knight. "The Town of Chapin and the Greater Chapin Chamber of Commerce are working together to coordinate a job fair on July 25."
Street Squad obtained a lawsuit through Lexington County Court Records in connection with Ellett Brothers.
The lawsuit from Prospect Capital Corp. claims Wellspring Capital Management, the majority owner of Ellett Brothers, and other companies misused over $160 million of funds that went to shareholders instead of investing in the company.
Street Squad Lexington reached out to the CEO of the company for comment but haven’t heard back at this time.
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