The CEO has bad news for 740 stores and 30,000 employees, announcing the liquidation of all of the company's U.S. outlets.
The company, which stopped selling AR-15 guns and other semi-automatic weapons in 2015, also will remove items resembling assault-style rifles from its website.
Gates' plea to federal conspiracy and false-statements charges is a strong indication that he plans to cooperate with special counsel Robert Mueller's investigation.
After the latest school shooting, businesses review their investments, co-branding deals and other ties to the gun industry and the National Rifle Association.
The Trump administration looks into the legality of accepting the proposition by Sheldon Adelson, a Las Vegas casino magnate and staunch supporter of Israel.
On Wall Street, many companies that rose the most over the last year have borne the brunt of this week's selling.
In his first State of the Union address, the president ranges far: national unity, immigration, the drug crisis, North Korea, the culture wars and other issues, including the MS-13 gang.
The accounting comes in response to congressional demands in the election meddling investigation. For now, the Trump administration's action will carry no new sanctions.