Legendary Gun Manufacturer Remington Files For Bankruptcy

US firearms manufacturer Remington has filed for Chapter 11 bankruptcy, weeks after it reached an agreement with creditors in view of sagging gun sales.

On Sunday, the Remington Arms Company, LLC - more popularly known as "Remington" among gun sellers and buyers in the United States and throughout the world - filed for Chapter 11 bankruptcy.

The company plans to continue making guns during the Chapter 11 process, which is meant to reduce its debt by $700 million, according to CNN Money.

Remington first announced that it would file for bankruptcy protection on February 12, but the Parkland shooting two days later in which 17 people died may have delayed the proceeding.

Remington makes the Bushmaster AR-15-style rifle that was used in the Sandy Hook shooting in CT that left 20 first-graders and six educators dead in 2012.

While investigators did clear the brand of wrongdoing in the shooting, many investors distanced themselves from the brand, owned by Cerberus Capital Management.

Remington is headquartered in Madison, North Carolina. I am confident this regrouping ensures that Remington will continue as both a strong company and an indelible part of our national heritage. As a result, the families of the victims sued the gun maker. But gun manufacturers are having a hard time convincing people that the government is coming for their guns when there's Republican leader in the Oval Office.

Trump has repeatedly spoken in support of the Second Amendment, reportedly easing gun owners' concerns during the Obama administration that the government might restrict gun sales. "This 3% of the population owns half of the civilian guns in the US", reports Youyou Zhou for Quartz.

"The average American gun owner owns three guns, according to a 2015 survey conducted by Harvard and Northwestern University".

According to the Chapter 11 bankruptcy filing, Remington still has between $100 million and $500 million of debt.

The firm is also looking into creating new investment funds that exclude gun makers and retailers.

  • David Armstrong