America’s oldest gun manufacturer filed for Chapter 11 bankruptcy protection, according to court papers filed in Delaware federal court late Sunday.
The move by Remington Arms Co. and its parent, Remington Outdoors, comes amid slumping sales at the firm founded more than 200 years ago.
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Remington has been making various handguns, rifles and shotguns since 1816. It is now majority-owned by Cerberus Capital Management, a private-equity group that intends to sell off the gun maker’s assets once the bankruptcy process is complete.
Remington will continue to operate while it pursues Chapter 11 bankruptcy protection, an action that allows ailing companies time to come up with a reorganization plan to stay afloat, and to repay creditors.
AAN Staff
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