Remington Arms Co. and its parent, Remington Outdoors, filed for Chapter 11 bankruptcy protection, according to Delaware court papers filed Sunday.
America’s oldest gun manufacturer had announced in February that they intended to file due to collapsing sales.
The company has existed for more than 200 years.
The move by Remington Arms Company and its parent, Remington Outdoors, comes amid slumping sales at the firm founded more than 200 years ago. https://t.co/dkRVFLUOEp
— USA TODAY (@USATODAY) March 26, 2018
Remington, one of the largest American manufacturers of ammunition and firearms, said its business decline has been deteriorating since President Donald Trump took office, even though Trump unwaveringly supported Americans’ right to bear arms.
Once the bankruptcy process is complete, Cerberus Capital Management, a private equity group, will sell off the gun maker’s assets.
Remington, based in North Carolina, will continue to operate while it pursues Chapter 11 bankruptcy protection.
Chapter 11 affords businesses ample time to organize a plan to remain active and settle debts with creditors.
Remington’s struggles are an example of the unstable opulence of the firearms industry, and highlight the frailness of the firearms industry both politically and economically. Hillary Clinton, prior to her defeat in the 2016 Presidential election, set fear that gun supporters might lose access to weapons if she were elected.
Remington claims that sales have declined since the 2012 Connecticut massacre at Sandy Hook Elementary School.
Gun maker Remington Outdoor Company files for bankruptcy protection, after years of falling sales and lawsuits tied to the Sandy Hook Elementary School massacre. https://t.co/Y228nSunbd pic.twitter.com/r3UyDs8bYQ
— ABC News (@ABC) March 26, 2018
The shooter, Adam Lanza, killed some 27 people, including his own mother, using Remington’s Bushmaster XM15-E2S.
On Sunday, former Pennsylvania Republican Sen. Rick Santorum appeared on CNN, stating that students protesting in the “March for Our lives” demonstrations would be better off learning about what actions to take in response to a mass shooting than participating in mass rallies, which stirred a lot of controversy.
“How about kids instead of looking to someone else to solve their problem, do something about maybe taking CPR classes or trying to deal with situations that when there is a violent shooter, that you can actually respond to that,” Santorum said.