American gun maker Remington files again for bankruptcy

FILE PHOTO: Gun enthusiasts observe Remington shotguns during the annual National Rifle Association (NRA) conference on May 5, 2018 in Dallas, Texas, US. REUTERS / Lucas Jackson

(Reuters) – Remington Arms Co filed for Chapter 11 bankruptcy protection on Monday for the second time in two years as the US gunmaker faced financial troubles partly because some retailers sold gun sales after the school shooting. Banned.

The gunmaker has filed for Chapter 11 bankruptcy protection in the US bankruptcy court for the northern bankruptcy district, according to the court filing.

In the filing, the company listed its assets and liabilities in the range of $ 100 million to $ 500 million.

The gunmaker has filed for bankruptcy before 2018 after declining sales and the company had trouble meeting the requirements of its lenders. It opted out of bankruptcy protection in the same year under the ownership of its creditors.

American retailers have banned the sale of guns after school shootings harming manufacturers such as Remington. A Remington Bushmaster rifle was used in the 2012 Sandy Hook Elementary School shooting in Connecticut, killing 20 children and six adults, central to debating gun policy.

Remington is trying to dismiss a lawsuit filed by the victims’ families related to the company’s marketing of guns. It has to go on trial next year.

Reporting by Jessica DiNapoli in New York and Sabahat Jahan Contractor in Bengaluru, Editing by Sherry Jacob-Phillips

Our standard:Thomson Reuters Trust Theory.


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