Remington’s bankruptcy filing came after hundreds of thousands of people took the streets nationwide to call for raising the minimum age for gun purchases and other measures meant to make it more difficult to get firearms during Saturday’s “March for Our Lives” demonstrations.
A bankruptcy filing under Chapter 11 allows a company to reorganize and stay in business as it works to repay debtors.
Officials with Remington said in a news release last month that the company will continue to operate as normal as the restructuring process gets underway.
“Importantly, the fundamentals of our core business remain strong,” Remington CEO Anthony Acitelli said in a statement. “We have an outstanding collection of brands and products, the unqualified support of a vibrant community across the industry and a deep and powerful culture. We will emerge from this process with a deleveraged balance sheet and ample liquidity, positioning Remington to compete more aggressively and to seize future growth opportunities.”
The Associated Press contributed to this report.