MADISON, NC (WCMH/AP) — Remington Outdoor Brands has filed for bankruptcy.
According to CNN, Remington will continue to make guns as it plans to reduce $700 million in debt through the Chapter 11 filing.
Records from the bankruptcy court of the district of Delaware show that the company filed late Sunday.
In a released statement, the gun maker said operations “will not be disrupted by the restructuring process.”
Remington, which makes a variety of handguns, shotguns and rifles, is just one of several gun making companies in the industry that has seen plunging sales as consumers are no longer scared of restrictive gun control with President Donald Trump, who has been endorsed by the NRA, in the White House, reports CNN.
Remington makes the Bushmaster AR-15-style rifle that was used in the Sandy Hook shooting in Connecticut that left 20 first-graders and six educators dead in 2012. The company was cleared of wrongdoing in the shooting, but investors distanced themselves from the company’s owner, investor Cerberus Capital Management.