Firearms maker Remington files for bankruptcy
Remington Arms filed for bankruptcy on Monday, its second restructuring since 2018.
Prior to filing for Chapter 11 bankruptcy protection, the firearms manufacturer had been in talks with the Navajo Nation about a potential sale, but the negotiations fell through. A person with knowledge of the matter told The Wall Street Journal that Remington's firearms and ammunition businesses could now be sold off separately. Gun sales are up in the United States, with the FBI conducting a record number of background checks for licenses in June, the Journal reports.
Last year, the Supreme Court said a lawsuit filed against Remington by the families of Sandy Hook school shooting victims could proceed. The company's Bushmaster rifle was used in the attack, which left 20 children and six adults dead, and the families allege in their suit that the weapon was improperly marketed. The case is set to go to trial in 2021.
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