UNITED NEWS INTERNATIONAL (UNI) — Remington, one of the oldest and most well-known gun companies in the world, announced that it is planning to file for bankruptcy.
On Feb. 12, Remington said that it plans to file for Chapter 11 bankruptcy protection, adding that it has reached an agreement with lenders to reduce its debt by about $700 million and add roughly $145 million in new capital.
Remington, which is headquartered in North Carolina, has battled legal trouble in recent years.
The 200-year-old gun maker faced multiple lawsuits following the mass shooting at Sandy Hook Elementary in 2012.
The company, which produced the Bushmaster AR-15-style rifle used in the Connecticut shooting, was also subsequently abandoned by some of its investors.
Remington’s sales were down 27 percent in the first nine months of 2017.