Remington files for Chapter 11 bankruptcy protections

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

Remington filed in the bankruptcy court of the district of DE, records show.

Mayor Terry Leonard says, "Last fall when they did the furloughs, I did get a call from Remington, it was due to the inventories on the shelves and the overproduction and the slow sales".

Remington's financial woes illustrate a paradox of the Trump era: weapon manufacturers ramped up production in anticipation of a Hillary Clinton presidency that would drive sales of those fearing increased gun control. The company has not announced what will happen to its workers during the reorganization process, but the company said it will continue to operate while working out the details of its bankruptcy filing.

Remington representatives did not return messages from CNNMoney, and the National Shooting Sports Foundation, the gun industry group, declined to comment on the bankruptcy.

Remington has reassured our office that the Chapter 11 filing is exclusively for the goal of restructuring debt to equity.

"From 1945 to about 9/11 (2001), the gun industry was a 3-million-to-6-million-unit-per-year business in the United States", Rafn said. The company said it will turn over control to creditors as part of a plan that will allow it to cancel $775 million of debt. Its owner, the private equity firm Cerberus Capital Management, has said it will give up that ownership once restructuring is complete.

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One possible solution would be to separate Remington's profitable ammunition business from the rest of assets, the PE partner said. That announcement came just two days before the shootings at Marjory Stoneman Douglas High School, which galvanized the debate around guns in America. Hard industry conditions make today's agreement prudent.

Remington Outdoor Co., the 200-year-old maker of rifles, handguns and bullets controlled by Cerberus Capital Management, filed for bankruptcy, after the election of a "true friend" to the White House ironically wound up stifling sales.

The bankruptcy filing by Remington Outdoor Inc., the company that makes the rifle used in the 2012 Sandy Hook Elementary School massacre, will force some of the victims' families to seek approval from a bankruptcy judge to let their legal fight against the nation's oldest gunmaker go forward.

The bankruptcy filing comes at a similar time in history, one that delayed the company's bankruptcy filings.

Remington's fortunes took a hit a year ago after the election of Donald Trump, a self-proclaimed " true friend" of the gun industry.

Madison, North Carolina-based Remington told investors on March 23 that it had negative operating cash flow of $7.4 million.

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