BREAKING NEWS : 12-year-old boy identified in fatal Pierce Avenue shooting Full Story

Remington, one of America's oldest gun makers, files for bankruptcy

Remington Outdoor Brands has filed for bankruptcy.The ...

Posted: Mar 27, 2018 7:46 AM
Updated: Mar 27, 2018 7:46 AM

Remington Outdoor Brands has filed for bankruptcy.

The bankruptcy filing allows Remington to stay in business and keep making guns while restructuring its massive debt. The company plans to reduce its debt by $620 million through the Chapter 11 process.

The company said, when it first announced its plan to file for bankruptcy in February, that operations "will not be disrupted by the restructuring process."

Founded in 1816, Remington is "one of America's oldest and largest manufacturers of firearms," according to court filings. Remington is also one of the best-known gun makers in the world. It's owned by Cerberus Capital Management, which plans to shed ownership once the bankruptcy is complete.

Hearings on the bankruptcy are scheduled to begin Tuesday in US Bankruptcy Court in Wilmington, Delaware. Remington is seeking to confirm its bankruptcy plan by May 3.

The company's biggest creditors are Pension Benefit Guaranty Corporation and The Marlin Firearms Company Employees' Pension Plan.

Related: Remington plans to file for bankruptcy

Remington is headquartered in Madison, North Carolina. It makes a variety of handguns, shotguns and rifles at its sprawling 19th-century factory in Ilion, N.Y. It has seven factories altogether, located in different states, and 2,700 employees.

Its products include the Bushmaster AR-15-style rifle that was used in the 2012 mass shooting in Newtown, Connecticut. The company has been sued by family members of the Sandy Hook victims.

Related: Wall Street has more questions on guns

An attorney from the law firm representing those family members said it does not expect the bankruptcy filing to affect its clients' case "in any material way."

The company also settled a class action lawsuit a few years ago regarding allegations of defective rifles.

Related: A cloud hangs over the gun industry

The gun industry as a whole has suffered plunging sales and profits under the Trump administration, because consumers are no longer driven by fears of more restrictive gun control with a Republican in the White House who's been endorsed by the National Rifle Association

American Outdoor Brands, which owns the brand Smith & Wesson, reported dismal earnings earlier this month as did Sturm Ruger in February, and they've laid off hundreds of workers.

-- Sarah Jorgensen contributed to this report.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 35237

Reported Deaths: 2197
CountyConfirmedDeaths
Marion9978592
Lake3689200
Allen171170
Cass15927
Elkhart138428
St. Joseph130934
Hendricks117773
Hamilton117093
Johnson1117110
Madison59461
Porter54729
Bartholomew52138
Clark51941
LaPorte43424
Howard42934
Tippecanoe4184
Jackson3942
Delaware38540
Shelby37522
Hancock34528
Floyd31940
Boone31635
Vanderburgh2842
Morgan28124
Montgomery24416
Noble23821
Clinton2381
White2389
Decatur22531
Grant21923
Dubois2023
Harrison19622
Henry18412
Vigo1718
Dearborn16921
Monroe16912
Greene16925
Warrick16628
Lawrence16524
Kosciusko1561
Miami1411
Putnam1377
Jennings1314
Orange13022
Marshall1282
Scott1213
Franklin1108
Ripley1086
Daviess9416
LaGrange932
Carroll933
Wayne855
Steuben852
Wabash792
Newton7810
Fayette787
Jasper681
Jay530
Washington511
Clay512
Fulton491
Rush483
Randolph483
Pulaski470
Jefferson461
Whitley433
Starke393
DeKalb371
Sullivan361
Owen341
Perry330
Brown331
Benton320
Wells320
Knox290
Huntington282
Blackford272
Tipton251
Crawford240
Fountain222
Switzerland210
Spencer211
Adams201
Gibson172
Parke170
Posey160
Ohio130
Warren121
Martin120
Vermillion100
Union90
Pike60
Unassigned0175

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 36350

Reported Deaths: 2259
CountyConfirmedDeaths
Franklin5996279
Cuyahoga4581245
Hamilton2721156
Marion267430
Lucas2282252
Pickaway209237
Summit1475180
Mahoning1456186
Butler91932
Columbiana88152
Stark74398
Lorain70259
Montgomery68816
Trumbull58450
Belmont43813
Warren38321
Miami36130
Medina35623
Tuscarawas3524
Ashtabula34035
Delaware34013
Portage32957
Lake30912
Fairfield3017
Wood30047
Clark2987
Geauga29233
Wayne28151
Licking25810
Mercer2177
Clermont2155
Allen21233
Richland2053
Darke18123
Erie17816
Madison1577
Washington11819
Crawford1164
Morrow1071
Ottawa10318
Greene1025
Putnam9314
Sandusky8211
Monroe7914
Auglaize753
Ross732
Hocking705
Jefferson662
Hardin610
Huron601
Williams551
Union521
Muskingum521
Hancock511
Holmes451
Wyandot452
Fulton440
Shelby433
Clinton431
Coshocton410
Fayette400
Logan400
Preble391
Guernsey362
Defiance342
Carroll313
Lawrence300
Champaign281
Brown281
Highland261
Knox251
Seneca212
Vinton212
Ashland200
Perry191
Athens181
Scioto170
Henry160
Paulding140
Jackson140
Harrison100
Adams101
Gallia81
Pike80
Van Wert70
Meigs60
Noble60
Morgan50
Unassigned00
Fort Wayne
Clear
81° wxIcon
Hi: 82° Lo: 62°
Feels Like: 82°
Angola
Few Clouds
75° wxIcon
Hi: 80° Lo: 60°
Feels Like: 75°
Huntington
Clear
78° wxIcon
Hi: 82° Lo: 63°
Feels Like: 79°
Decatur
Clear
81° wxIcon
Hi: 84° Lo: 64°
Feels Like: 81°
Van Wert
Clear
81° wxIcon
Hi: 85° Lo: 64°
Feels Like: 81°
Scattered Storms Wednesday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events