Remington Cites Sandy Hook Among Reasons for Bankruptcy Filing

NEWTOWN, CT -- Remington, who bills itself as "America's Oldest Gunmaker," filed for bankruptcy court protection on Sunday, March 25. The company cited the potential for adverse court rulings stemming from the 2012 Sandy Hook school massacre, along with heavy debts and falling sales as the cause.

Remington Outdoor and its subsidiaries submitted a Chapter 11 petition to the federal bankruptcy court in Delaware. The filing outlined a plan that would maintain the company's operations, continue pay and benefits for employees and ultimately turn the operating control of the company to creditors following restructuring.

Bloomberg is speculating whether people with pre-existing legal claims against the company will be made whole following the filing. Remington has moved to suspend lawsuits over firearms defects and the use of its weapons in the Sandy Hook attack.

Madison, N.C.-based Remington, a maker of shotguns, rifles and handguns since 1816, listed liabilities between $100 million and $500 million, with an identical estimate of assets. The company's brands include Remington, Bushmaster Firearms and DPMS/Panther Arms.