Iconic gunmaker files for Chapter 11


Firearm-maker Remington filed for Chapter 11 bankruptcy protection Sunday, as it contends with declining sales and growing debt, reports The New York Times. The 200-year-old gun manufacturer saw sales decline sharply last year, leaving the company with a $28 million operating loss. In its bankruptcy filing, the company stated that it held between $100 million and $500 million debt and that it would continue operations under bankruptcy protection. The gun maker, which was acquired by private equity firm Cerberus Capital Management in 2007, came under increased scrutiny in the aftermath of the 2012 Sandy Hook school shooting, which left 20 children and 6 adults dead. The gunman was using an AR-15-style weapon made by Remington. The company was hit with lawsuits and investor divestments in the wake of the shooting.

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