Gun maker Remington seeks bankruptcy protection; firm has ammunitions plant in Arkansas

Remington products hangs from the ceiling at Duke's Sport Shop in New Castle Pa

One of the oldest and best-known gun makers in the world, Remington has filed for Chapter 11 bankruptcy protection in order to restructure its massive debt, according to The Wall Street Journal.

Rival manufacturer Colt Holdings Co. filed for bankruptcy protection in 2011, while profits at Ruger & Co.'s parent Sturm have also stagnated.

Remington Outdoor went to court in DE as it continues efforts to complete a deal that will see its private equity owner, Cerberus, relinquish control to creditors.

The company said, when it first announced its plan to file for bankruptcy in February, that operations "will not be disrupted by the restructuring process". "Families of the Sandy Hook victims sued Remington, saying the manufacturer of the military-style assault rifle used by the gunman bears some responsibility for the attack", Haag continues.

Remington is headquartered in Madison, North Carolina.

President Trump has not yet commented on Remington's bankruptcy, but said Monday morning that companies are thriving in this economy. Remington, which has produced the AR-15s used in countless massacres, has announced a "debt-cutting deal with creditors amid mounting public pressure for greater gun control", according to Yahoo Finance.

"Remington's fortunes took a hit after the election of Donald Trump, a self-proclaimed "true friend" of the gun industry". Historically, gun sales drop under Republican leadership because there is less fear among gun owners of stricter gun legislation supported by Democrats.

A recent study by Harvard University and Northeastern University found that the number of privately owned guns in America grew by more than 70 million - to approximately 265 million - between 1994 and 2015.

The firm is also looking into creating new investment funds that exclude gun makers and retailers. Remington employs about 3,500 workers. It makes a variety of handguns, shotguns and rifles at its sprawling 19th-century factory in Ilion, N.Y. It has seven factories altogether, located in different states, and 2,700 employees.

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