(RNN) – One of the oldest and best-known gun makers in the world, Remington has filed for Chapter 11 bankruptcy protection in order to restructure its massive debt, according to The Wall Street Journal.
While the filing was announced in February, The Wall Street Journal reports the move was delayed after the Feb. 14 school shooting in Parkland, FL, that left 17 dead and reawakened the national debate surrounding gun regulations.
Founded in 1816, Remington is one of the oldest and best-known gun manufacturers in the world.
The company plans to continue making guns during the Chapter 11 process, which is intended to reduce its debt by $700 million, according to CNN Money.
One of Remington’s products is the Bushmaster AR-15-style rifle that was used in the 2012 mass shooting at Sandy Hook Elementary School in Newtown, CT.
In 2016, nine families of the Sandy Hook victims filed a wrongful-death lawsuit against the company alleging the gun maker was liable for producing and selling a weapon unfit for civilian use. The matter has since reached the Connecticut Supreme Court, The Wall Street Journal reports.
The gun industry as a whole has suffered plunging sales and profits under the Trump administration.
CNN Money attributes the drop to the fact consumers are not afraid of more restrictive gun control with a Republican in the White House who’s been endorsed by the National Rifle Association.
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