Gun maker Remington seeks bankruptcy protection amid lawsuits, Trump-linked sales slump

One of the Largest Gun Manufacturers in the Country Files for Bankruptcy

Cerberus had unsuccessfully tried to sell up after a Remington Bushmaster rifle was used to kill 26 people, including 20 children, in the Sandy Hook school massacre of 2012.

The filing by Remington Arms Company and its parent, Remington Outdoors, was disclosed late Sunday night on the website of the United States Bankruptcy Court in Delaware.

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. That allowed it time to seek Chapter 11 bankruptcy protection.

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.

Remington Outdoor Company's headquarters are in Madison, North Carolina. Historically, gun sales spike on the election of candidates hostile to gun ownership and who want to see tougher legislation. "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.

However, US firearms manufacturing increased 43 per cent, to more than 9.3 million weapons, from 2011 through 2015, according to data issued by the US Department of Justice's Bureau of Alcohol, Tobacco, Firearms and Explosives.

"Remington's fortunes took a hit after the election of Donald Trump, a self-proclaimed "true friend" of the gun industry".

"We know our clients also care about these issues, and we have begun to engage with them in the hope that they will adopt these best practices over the coming months", the statement reads. Remington employs about 3,500 workers.

BlackRock - a major shareholder in Sturm Ruger, American Outdoor Brands and Vista Outdoor Brands - announced about a week after the Parkland shooting that it wanted to speak with the three firearms makers about their responses to the tragedy.

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