Remington seeks bankruptcy for 2nd time in as many years

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FILE – In this Jan. 17, 2013, photo, a man walks past the Remington Arms Company in Ilion, N.Y. The firearms company Remington Arms has filed for Chapter 11 bankruptcy protection, Tuesday, July 28, 2020, for the second time in a little more than two years, despite a recent surge in gun demand. Remington previously filed for bankruptcy protection in March 2018. The company has estimated liabilities between about $100 million and $500 million and between 1,000 and 5,000 creditors, according to the filing. (AP Photo/Mike Groll)

(AP) – Remington Arms, weighed down by lawsuits and retail sales restrictions following the Sandy Hook school massacre, is seeking bankruptcy protection for the second time in as many years.

The nation’s oldest gunmaker listed assets and liabilities of between $100 million and $500 million.

Gun sales have slumped, as they typically do, under a Republican administration, because gun owners are not as compelled to stockpile weapons out of fear that Congress will create tougher gun-control laws.

But the past three years have been particularly volatile, fueled in part by a mass shooting in Las Vegas and other high-profile mass killings that have led retail chains to restrict sales, or removed guns completely from stores.

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