Jul 28, 2020 - Economy & Business
Remington Arms files for bankruptcy for second time since 2018
Remington Arms Company filed for bankruptcy protection on Monday despite a recent surge in gun sales amid the coronavirus pandemic and anti-racism protests, per the Wall Street Journal.
Why it matters: The 204-year-old firm is considered America's oldest gun-maker. Its Chapter 11 filing in the U.S. Bankruptcy Court in Decatur, Alabama, marks the second time since 2018 that it's filed for bankruptcy. Remington was facing a wrongful death lawsuit from families of the 2012 Sandy Hook school shooting victims. The second bankruptcy filing was prompted by a "struggle to pay legal fees and the high interest payments on its debt," the New York Times notes.
Flashback: What happened to Remington?