One of the oldest American gun manufacturers, Remington Outdoor Co. and its subsidiary, Remington Arms Company, filed for bankruptcy in an Alabama court.
Bloomberg reported this regarding a statement for the court.
According to the Agency, the bankruptcy application was filed as part of the sale of the company.
The American bankruptcy code allows a business to continue operating while it develops plans to restructure and repay its debts.
This is the second bankruptcy of Remington Outdoor in two years. In March 2018, the company started this procedure due to accumulated debts, and in May of the same year completed it, transferring ownership to the principal creditors.
Then the decision was due to the serious financial difficulties of the weapons manufacturer.
Remington has a history of more than two hundred years. The company supplied weapons during the American Civil war and both world wars.
It is now owned by the investment firm Cerberus Capital Management.