Caption

US gun maker Remington files for bankruptcy

U.S. gun maker Remington has filed for bankruptcy as gun sales continue to decline.

Remington Outdoor Company filed for bankruptcy protection on Sunday, as protests erupted around the country in support of gun control just a day before. The company has dealt with declining sales for years, and did not meet requirements from its debt lenders, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware.

» TRENDING: 5 retailers taking a stance on gun control

Through the bankruptcy, Cerberus Capital Management, a private equity firm that acquired Remington in 2007, will lose its ownership of the company. Remington’s creditors will seek equity in exchange for their debt holdings, Reuters reported on Sunday.

It’s unclear how the recent gun control debate will impact gun sales. Several retailers announced after the Parkland, Florida high school shooting that they would seize selling modern sporting rifles, otherwise known as assault-style weapons.

Recommended for you

Recommended for you

Recommended for you

Most read

  1. 1 Sharkey's bar loses liquor license after state investigation
  2. 2 Gene Smith: OSU expects Urban Meyer to be coach 'for quite some time'
  3. 3 Who's in Jail | Latest Montgomery County Bookings

» TRENDING: After Florida school shooting, retailers weigh in on gun control debate

Dick’s Sporting Goods, which owns Field & Stream, announced it would no longer sell assault-style rifles, also referred to as modern sporting rifles. Company officials said they already removed them from all Dick’s stores after the Sandy Hook massacre, but they will now remove them from all 35 Field & Stream stores.

L.L. Bean, Kroger, Walmart and REI also announced changes to store policies following the mass shooting.

FIVE FAST BUSINESS READS

Franco’s Ristorante Italiano owner dies

Former DP&L power plants to lay off 370 workers in Ohio

Amazon looking to buy abandoned Toys ‘R’ Us storefronts

Coroner requested after Fuyao forklift accident: What we know now

Check out this $1 million home for sale in Clearcreek Twp.

More from Daytondailynews