America's oldest gun manufacturer files for bankruptcy

Remington products hangs from the ceiling at Duke's Sport Shop in New Castle Pa

Inc. on Sunday filed its anticipated Chapter 11 plan in DE bankruptcy court, saying an unexpectedly slack market for firearms in 2017 left it unable to keep up with the demands of its more than $1 billion in debt.

The company plans to continue making guns during the Chapter 11 process, which is meant to reduce its debt by $700 million, according to CNN Money. According the New York Times, "Remington borrowed heavily during that time, including to buy out investors who wanted to leave".

The Bushmaster AR-15 rifle was used in the Sandy Hook shooting in CT in which 20 first-graders and six educators were killed in 2012.

According to Newsweek, Remington is owned by private equity firm Cerberus Capital Management but would likely give up ownership to its creditors in exchange for eliminating debts.

The company was founded in Ilion, N.Y.m by Eliphalet Remington in 1816 and maintains its factory there. The pro-firearms attitude presented by the Trump administration has resulted in a sharp decline in gun sales, informally dubbed the "Trump Slump" by industry experts.

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President Trump has not yet commented on Remington's bankruptcy, but said Monday morning that companies are thriving in this economy.

Two years after the shooting, families of nine victims and one survivor filed a lawsuit against Remington.

A recent study by Harvard University and Northeastern University found that the number of privately owned guns in America grew by more than 70 million - to approximately 265 million - between 1994 and 2015. But half of those guns are owned by only 3 percent of the population.

This bankruptcy filing comes after the company have heavy debt, falling sales. Soon after CNBC's first investigation in 2010, Cerberus dropped plans for an initial public offering of what was then known as the Freedom Group.

Some US retailers have raised the age limit for certain firearms purchases to 21 or stopped stocking semi-automatic weapons.

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