Subscribe to Breaking News emails

You have successfully subscribed to the Breaking News email.

Subscribe today to be the first to to know about breaking news and special reports.

Gun-maker Remington files for Chapter 11 bankruptcy

The Madison, North Carolina-based firm manufactured the Bushmaster AR-15-style rifle used in the Sandy Hook Elementary School massacre.
by Reuters /

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

Remington Arms Co filed for Chapter 11 bankruptcy in a Delaware court on Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.

It listed assets in the range of $500 million to $1 billion and liabilities in the range of $500 million and $1 billion.

Image: A Remington rifle and handgun
A Remington rifle and handgun on display at Chuck's Firearms in Atlanta in February.Erik S. Lesser / EPA

The Madison, North Carolina-based firm manufactured the Bushmaster AR-15-style rifle used in the Sandy Hook Elementary School massacre that left 20 first-graders and six educators dead in 2012.

Remington's sales plunged 27 percent in the first nine months of 2017, resulting in a $28 million operating loss.

Colt's Manufacturing Co LLC, a competitor of Remington, emerged from bankruptcy in 2016 following falling sales of its sports rifles and the loss of military contracts.

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
  • Contributors
  • Associated Press
MORE FROM news