Gun Maker Remington Outdoor Files For Bankruptcy

Major U.S. gun manufacturer Remington Outdoor is filing for Chapter 11 bankruptcy protection.

The move was made Sunday, one  day after hundreds of thousands of people promoted increased gun control in the March For Our Lives rallies across the nation and world. The company is facing mounting debt and lawsuits in connection to the Sandy Hook Elementary School shooting.

Originally, the company planned to file for bankruptcy last month, but delayed the move following the deadly mass shooting at a high school in Parkland, Florida. Remington reportedly planned to give control of the company to its creditors.

Remington, in business for 202 years, is the oldest gunmaker in the U.S. and has seen 30-percent declines in sales. The drop has happened since Donald Trump took office.

Source: CNBC

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