Remington booth at a firearms trade show. Photo by Ethan Miller/Getty Images
Firearms manufacturer Remington on Sunday night filed for Chapter 11 bankruptcy protection.
Be smart: The filing came just 24 hours after a wave of pro-gun control marches, but Remington had signaled its bankruptcy plans prior to the high school shooting in Parkland, Florida.
Reminder: Filing for Chapter 11 does not always equate to going out of business, and Remington has some new financing in hand. Rival gunmaker Colt, for example, once filed for bankruptcy and later reemerged.
An attorney representing Sandy Hook families in their lawsuit against Remington says: “We do not expect this filing to affect the families’ case in any material way.”
