⁍ Remington Arms Co on Monday filed for Chapter 11 bankruptcy protection for the second time in two years.
⁍ The gunmaker faced financial troubles partly because some retailers placed restrictions on gun sales after school shootings.
⁍ In the filing, the company listed its assets and liabilities both in the range of $100 million to $500 million.
– Remington Arms Co. has filed for Chapter 11 bankruptcy protection for the second time in two years, Reuters reports. According to the Wall Street Journal, the company’s assets are between $100 million and $500 million and its liabilities are between $500 million and $1 billion. The company’s troubles stem from its signature product, the Bushmaster rifle, which was used in the 2012 Sandy Hook school shooting that killed 20 children and six adults. Since that shooting, many retailers have placed restrictions on gun sales in the wake of such shootings. Remington has been trying to dismiss a lawsuit filed by the families of the victims related to the marketing of its guns. It is scheduled to go to trial next year.
Source: https://www.reuters.com/article/us-remington-arms-bankruptcy/us-gunmaker-remington-files-for-bankruptcy-again-idUSKCN24T0CL