The American firearm icon, Remington is filing for bankruptcy. However, it will still remain in business, as they will be restructuring under a chapter 11 bankruptcy. The Chapter 11 allows a business to stay to stay operational while in bankruptcy. The reasons, for bankruptcy is a mix of the following:
- AR-15, a gun that they manufactured, was a the gun used in Sandy Hook and other high profile shootings.
- Lawsuits-A class action lawsuit over faulty triggers.
- Debt-Over a billion in debt.
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Gunmaker Remington Outdoor Co. officially filed for bankruptcy this week. It has struggled in recent years due to several lawsuits and a slump in gun sales. The company’s corporate headquarters is in Madison, North Carolina – just north of the Triad near the Virginia border. Residents there are waiting for word on what will happen to the company and the local workforce. Remington’s Bankruptcy Leaves Questions, Uncertainty In Rockingham County
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