Remington, a rifle company founded in Utica, N.Y. 202 years ago, filed for bankruptcy protection on Sunday, March 25 due to declining sales.
One of its rifles was used in the notorious school shooting at Newtown in 2012.
The shooting at Sandy Hook Elementary School in left 26 people dead, including 20 children.
In its Chapter 11 filing in Delaware federal court, Remington said it was $100 million to $500 million in debt and hoped to continue to operate while under bankruptcy protection. It estimated its assets were as between $100 million and $500 million, according to this report.
Now based in North Carolina, the company was acquired in 2007 by the private equity firm Cerberus Capital Management for $118 million. The firm merged with the the maker of the Bushmaster rifle, into a company called Freedom Group.
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