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| Remington: Oldest US gunmaker files for bankruptcy | |
| (35 minutes later) | |
| The oldest gun manufacturer in the US, Remington Outdoor, has filed for bankruptcy in the wake of slumping sales. | |
| The firm, founded more than 200 years ago, filed for bankruptcy protection to cut a deal with its creditors. | The firm, founded more than 200 years ago, filed for bankruptcy protection to cut a deal with its creditors. |
| Remington's chief financial officer said the company's sales dropped significantly in the year before its bankruptcy, court papers show. | Remington's chief financial officer said the company's sales dropped significantly in the year before its bankruptcy, court papers show. |
| The filing comes amid fresh demands for greater gun control in the US. | The filing comes amid fresh demands for greater gun control in the US. |
| A shooting at a Florida high school in February has revived the debate on gun control, and on Saturday tens of thousands of young Americans took part in protests. | A shooting at a Florida high school in February has revived the debate on gun control, and on Saturday tens of thousands of young Americans took part in protests. |
| As a result of public pressure, some US retailers have attempted to restrict firearm sales, with some requiring background checks and others halting the sale of firearms in their stores. | As a result of public pressure, some US retailers have attempted to restrict firearm sales, with some requiring background checks and others halting the sale of firearms in their stores. |
| In anticipation of a Hillary Clinton presidency, some weapons manufacturers had increased production, expecting greater sales from Americans fearing increased gun control. | |
| Remington, best known for its rifles and shotguns, was founded in 1816. | |
| After it emerged a Remington rifle was used in the 2012 Sandy Hook elementary school shooting, victims' family members filed a lawsuit against the gunmaker. | After it emerged a Remington rifle was used in the 2012 Sandy Hook elementary school shooting, victims' family members filed a lawsuit against the gunmaker. |
| In court papers filed in Delaware, Remington's chief financial officer, Stephen Jackson, said the company was having difficulty meeting requirements from its lenders as a result of declining sales. | In court papers filed in Delaware, Remington's chief financial officer, Stephen Jackson, said the company was having difficulty meeting requirements from its lenders as a result of declining sales. |
| During the bankruptcy process, the company will stay in business. | During the bankruptcy process, the company will stay in business. |
| In most US Chapter 11 bankruptcy processes, the debtor proposes a reorganisation plan to maintain its business and pay creditors over a period of time. | In most US Chapter 11 bankruptcy processes, the debtor proposes a reorganisation plan to maintain its business and pay creditors over a period of time. |