TrackingPoint will no longer be taking new orders in light of financial difficulties.
TrackingPoint announced on Monday through its website that the company is suffering from financial difficulties and will no longer be accepting customer orders. The Austin-based “smart scope” manufacturer made waves in recent years for its “Precision Guided Firearm” (PGF) technology, which allowed users to tag and accurately shoot targets at long range. The company has not yet elaborated on its current problems, but some sources close to the TrackingPoint say that the firm may be on its last legs.
Anonymous and unconfirmed sources told both Guns.com and The Truth About Guns that TrackingPoint has laid off a significant number of employees on Monday, possibly including current CEO Frank Bruno. Bruno joined TrackingPoint back in February in the aftermath of what the company called an “internal restructuring,” in which several key employees were laid off despite high sales and record profits in 2014. According to one insider who identified themselves as a former employee, TrackingPoint may even go as far as filing bankruptcy.
“The owner—John McHale—pulled the four month CEO Frank Bruno’s name tag off the door walked in and shut the door,” the anonymous tipster wrote to The Truth About Guns. “The exact same scenario as what went down in February with the small groups of managers. It appears that likely everyone will be let go today as they will claim bankruptcy, so they don’t have to pay back that millions and millions that investors have dumped into this company.”