The Remington Outdoor Company, America’s oldest gun manufacturer, has filed for Chapter 11 Bankruptcy protection, according to USA Today. The gesture comes in the wake of nationwide protests against gun proliferation in the United States.
The North Carolina based company was formed in 1816. They sell handguns, rifles and shotguns.
The recent legal action means that Remington will be able to continue operating while its parent company, Cerberus Capital Management, attempts to re-organize the brand’s assets and pay off company creditors.
Stephen Jackson, Remington’s chief financial officer, noted a decline in business in the last year.
“[The] overall business and industry environments continue to cause significant financial hardship,” he said, according to USA Today.
Although the federal government does not track data on gun sales, records of background checks show huge surges in firearms purchases in anticipation of the 2016 election. Because Trump is thought to be increasingly relaxed about imposing future