— FOX Business (@FoxBusiness) March 26, 2018
Remington Outdoor, the oldest gun manufacturer in the United States, has filed for Chapter 11 bankruptcy.
The bankruptcy filing comes as the firm faces a nosedive in sales — and calls for gun control spread in the wake of nationwide protests spurred by the Parkland, Florida school shooting. On Saturday, hundreds of thousands took to the streets for the March For Our Lives, a mass protest against gun violence organized by the survivors of the Parkland high school shooting.
Cameron Kasky, a prominent Parkland student who organized the march, reacted to the bankruptcy filing on Twitter:
— Cameron Kasky (@cameron_kasky) March 26, 2018
Remington, founded more than 200 years ago, manufactures the Bushmaster AR-15-style rifle that was used in the 2012 Sandy Hook mass shooting that left 26 dead. Family members of the victims sued the firm after the shooting.
Per CNN Money:
The bankruptcy filing allows Remington to stay in business while restructuring its massive debt. The company has been planning to reduce its debt by $700 million through the Chapter 11 process and contribute $145 million to its subsidiaries.
Remington plans to keep on making guns. 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.”
Read the full filing here and watch a Fox Business Network report above.
[image via screengrab]
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